Quick question?
If there are two mortgages on a property, and one of them is being forclosed on at a county auction. What happens to the other mortgage?
Thanks,
Joe.
you must find out which mortgage is being foreclosed on, If it is the first mortgage, the second will not be attached to the property, the lender must go after the person themselves. If the second mortgage is being foreclosed, the first still stays with the property and you can be held liable for paying it off.
Make sure you know which you are bidding on!
Thanks, I do appreciate it.
Howdy JoeDC:
If the county is holding the auction it is probably for property taxes. Usually a mortgage company will step in and pay the taxes but not always. If not then the county will sell the property to the highest bidder and any money remaining the mortgage companies will have a chance to claim thru proper channels. The buyer gets the property free and clear subject to the right of redemption the current owner may have. This is of course in states where they hold property tax sales and not tax certificates which I know little about.
LOL