Updated almost 2 years ago on . Most recent reply
what happen if the 2nd lien is foreclosed, and the first mortgage is current
I have seen quite a few properties here in CA which is non judicial state in which the second mortgage of very little value is being foreclosed. However, the first mortgage with very low LTV is still current.
What happen under this scenario if I decide to bid for the second at trustee sale.
For example, house worth 700k.
1st mortgage - 350k
2nd mortgage 200k.