Left Over Mortgage
I have seen some topics pertaining to this subject but no concrete reply was given, just "dont worry about it"
My question is: If a homeowner is foreclosing on a 2nd (20% on a 100% fin. for example) mortgage, and the house goes up for auction, am I responsible for the "left over mortgage" - if one is in good standing, what happens to the other one, I am assuming I have to pay that... Correct? Thanks fot your time
However, if the 2nd is being foreclosed, you are responsible for the balance owed on the first.
And there may be other encumbrances on the property that are not apparent. We do a quickie (back to the last mortgage) title search before bidding starts, then a 30-year title search after we win the bid....but before we pay the 95% balance due.
[addsig]