What Position Is Foreclosing
Often times it is not the trust deed in first position, but rather a lien holder in a subordinated position that is foreclosing.
How does all that work and how do you know what position is foreclosing in the first place?
A title search will tell you exactly what encumbrances are on the property and in what order of priority.
Most foreclosure buyers personally do a preliminary title search back to when the defendant purchased the property, then have a 30-year search done before they have to spend serious money on the purchase.
[addsig]
you can search the docs at the county recorders. lien priority is based on the date recorded unless a subordination agreement is signed. If recorded on the same day look at the time or document number assigned.
so if you have the following
chet bank 1/1/2000
chetco credit union 1/2003
Bank of bob 1/1/1980
you have bob 1st, chet 2nd, and chetco 3rd.
if a subordination agreement was also recorded saying bob is subordianate to all, then the priority would be:
you have bob 3rd, chet 1st, and chetco 2nd.
Tax liens, can trump other liens in priority.