Newby To Buying At Sheriff's Auction With Questions...
Hi! My husband and I were considering buying a house at auction, but we did a title search and found out it's the SECOND mortgage that is being forclosed on. There is still a first mortgage at a much higher amt than the second. Both mortgages are held by the same bank. Why are they forclosing on the second rather than the first? I don't get this process. Also, if I buy the second, then I don't really own the house do I? Am I just a note holder? What is a note holder? Does the First mortgage holder technically "own" the house? Can they forclose? Would they be forclosing on me or the original owners. Could I make payments on the previous owner's first mortgage? How does this all work??? I don't think we are going to bid now that I see the first mortgage, but I'd still like to know what the bank is up to and how this all works!
Thanks!
Edie
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