Foreclosure Auction - Lien Holder's Rights - Assigned Mortgage
I am in the process of researching a property that is set to go to auction, however came across something that may be a pitfall. The home has multiple liens which range in dates, however the Mortgage holder is the foreclosing party. I noticed that the property was re-assigned by the original mortgage acquisition company just two years ago (from mortgage company to a bank). There are loans against the home that predate this re-assignment.
Since the foreclosing party is the mortgage that was reassigned, do they other liens fall second? There was not a refinance of the home, just a record of the change.
An assignment of a mortgage -- as opposed to a refinance or modification -- does not affect its priority.
