What happens to a second mortgage when a home is purchased at a foreclosure auction?
Written on March 20, 2010
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:
- The Foreclosure of America: The Inside Story of the Rise and Fall of Countrywide Home Loans, the Mortgage Crisis, and the Default of the American Dream
- Who pays the real estate agent when a foreclosed home is purchased?
- How long does the foreclosure process take from “Notice of Foreclosure” to your house going up for auction?
- Mortgage Foreclosure Process for a home in Florida, Texas, Arizona, New Jersey USA
- What does foreclosure mean for my taxes?
Filed in: Foreclosure Help.