Does an Auction Has to take place?
If you acquire the senior lien (either thru redemption or purchasing outright) does it have to go to auction? Or can you at that point own the property and take possession?
If you acquire the senior lien (either thru redemption or purchasing outright) does it have to go to auction? Or can you at that point own the property and take possession?
I'm not sure if you can acquire a lien via redemption.... but you certainly could seek to purchase a lien... such as a mortgage, via an assignment.
You would 'step into the shoes' of the former mortgagee and service the mortgage loan. If you purchased the mortgage while in foreclosure, you could complete the foreclosure, or restructure to accomodate the Homeowner.
If you purchase the mortgage, you own a piece of paper... not stix and brix. The mortgage represents collateral (stix and brix) for the mortgage note.
To position yourself to own the stix and brix you would have to be familar with the foreclosure laws and customs of your state and county....