Foreclosure-senior vs junior liens
Does anyone know what happens to the money that is paid above the minimum bid when there are junior liens? Once the minimum bid is met does the bidding money go to the second or continue to pay the first?
Say the bank (senior lien) publishes 100k opening bid with a debt of 120k. There are junior liens of 20k. The bidding goes to 120k. Who gets paid and who doesn't?