Newbie Help! Can A 2nd Mortgage Foreclose On Home
Hello to all,
There is a house on my street that is in foreclosure. This is the info from the clerk of the court web site. A LP was filed in Jan 05. I pulled it up today and there is a Final judgement posted today. The judgement is for 28k and it states that the house will be sold on the court house steps in April. It seems that this is a 2nd because it sold for 56k back in 99. Can a 2nd mort foreclose on the house even if the 1st is not in foreclosure? There is possibly over 30k in equity in the property. This is my 1st foreclosure deal other than my currant home that I purchased as a REO, can any one give me ideas on how to aquire this property?
Thanks, ADR
yes, a second can foreclose. Each state has different laws on foreclosures, so it might be best to go a local real estate investor club and try to get some information...
good luck
If the 2nd mortgage company has filed the judgement and the sale date has been set is there still a possiblity that the 1st mortgage company can stop the foreclosure?
One key point to remember: if you are the top bidder on a 2nd mortgage at foreclosure auction, you still have to pay off the 1st mortgage. If it is in fact a 2nd mortgage that is foreclosing, you are only buying the 2nd position on the property.
thanks for the help