2nd foreclosed-what happens to 1st

If the holder of a 2nd trust forecloses in california, what happens to 1st? Does it have to be paid off in order to take posession or can you take property subject to 1st?

Comments(2)

  • auto719357th May, 2003

    the first must be paid off. no question. if it was the other way around, with the first foreclosing, the second would be wiped out if the second doesnt cure the first.

  • TheShortSalePro7th May, 2003

    Generally, the second mortgagee will join the foreclosure action... attend the Sale, and try to have the bidding equal or exceed their minimally acceptable payoff.

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