1st Mortgage Sale/ 2nd Not Disclosed?
IF a bank foreclosed on a mortgage, and that bank also had a 2nd mortgage on that property, could the bank not include the 2nd in the foreclosure action to secure their own 2nd position if the 1st was purchased at sale. Is it correct that if the second lien was not brought into the foreclosure action that it would not be wiped off of the deed. Could you foreclose on the second yourself after you purchased the first. Could the bank just set there bid amount to cover both first and second lien to cover their mortgages, or are they only allowed to incorporate the amount of the first mortgage.
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