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Kate Pierse
  • Chapel Hill, NC
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Dealing with 1st lien when buying second lien foreclosure

Kate Pierse
  • Chapel Hill, NC
Posted Aug 28 2015, 13:46

I was wondering if anyone has any hands on experience working with a bank to pay off the first lien on a property after they have bought a property at a foreclosure on a junior lien. There is a property worth about $300K that has a senior lien of $150,000 and the second mortgage is foreclosing for $45,000. In NC the only other liens I need to worry about at this point are IRS and property taxes. I will get a full title search done and talk to my attorney, but before I spend the money I'm wondering about the process of actually contacting the bank regarding the pay off of the first loan. Did you find the bank cooperative? Were you able to work it out? I'm not worried about having to pay the lien, just the mechanics of it. Any input from your experience is much appreciated!

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