Purchasing 2nd mortgage

Foreclosures, Short Sales, Tax Foreclosures
1

I’d like to start by saying thanks to all who contribute to this wonderful site. I have been a long time reader wannabe invester.

The first mortgage is $403,000 recorded on 1/27/2000. the 2nd is scheduled to auction tomorrow for opening bid of less than 100k. once i purchase the 2nd it’s my understanding that all sub mortgages are no longer attatched to the house. my question is will i be able to evict current resident if they have not faulted on the 1st? Can i pay off the 1st without dealing with the current owner?

2

No, as a 2nd Mortgage you don’t get squat unless you foreclose on the first yourself… Essentially to take the property you would need to payoff the first mortgage during a foreclosure procedure… As a second mortgage your only remedy against the property is foreclosure, you cant evict anyone…

First mortgage cant evict anyone either… Mortgage holders only recourse is essentially foreclosure…

You should be able to payoff the first and become the first lien holder yourself without dealing with the owner…