If a peson has a 1st in their own name, then a few years later quit claims 50% interest to another, what happens when the first forecloses? Does the 2nd individual lose all of their interest too?
Yes. The lien secures the property. If the first lender goes through a successful foreclosure process...the 2nd person on title no longer has any interest in the property. The property is then owned by the highest bidder at the auction.
Yes. The lien secures the property. If the first lender goes through a successful foreclosure process...the 2nd person on title no longer has any interest in the property. The property is then owned by the highest bidder at the auction.
thanks for the quick and in depth response!!