What happens to a second mortgage when a home is purchased at a foreclosure auction?
August 10th, 2011 by admin
I am going to bid on a house at foreclosure and it has a 1st mortgage of $280K and a second of $70K. The lender on the first two mortgages is Decision One Mortgage. The lender at foreclosure is Countrywide. Does this mean that if I buy this house at foreclosure that I will own additional money to the second mortgage or just the first mortgage and back taxes?
Related posts:
- Sell House and Rent Back Option Prevents Home Foreclosure Auction Sale Life can throw surprises at you that require you to sell a house quickly . If due to financial crisis you are not able to pay monthly mortgage payments,...
- How will a foreclosure work with a second mortgage? Mortgage company put us into foreclosure on the 1st because of being behind in the escrow but there is a second on the house, with the same company. How...
- How long does the foreclosure process take from “Notice of Foreclosure” to your house going up for auction? I live in Las Vegas. I just received a Foreclosure Intent notice by certified mail. How much longer can I stay in my house?Sell and Rent Back ...
- If I lose my home to foreclosure, will I have to pay taxes? I purchased my home in April of 2006 for $675,000, no money down. It is now worth roughly $525,000 and I am facing foreclosure. I have not re-financed and...
- How long is the foreclosure process if I have already modified my mortgage once? I modified my mortgage a few months ago and still struggling. I owe $315 and it’s worth about $200. So, after thinking about it I am considering just letting...
0 Responses to “What happens to a second mortgage when a home is purchased at a foreclosure auction?”