2nd mortgage foreclosure.

[Rami Latif]

I was the highest bidder for second mortgage auction. What should I do with the first mortgage lender ( senior lien) that is going to foreclose at the  property next month. How can I stop the foreclosure sale? I don't have large money to pay off the that lien.

[Jay Hinrichs]

Quote from @Rami Latif:

 how about filing a motion for a temporary restraining order (TRO) and preliminary injunction to enjoin (stop) a foreclosure sale? 

your grasping at straws.   contact senior lender or trustee if you can, tell them your a junior in possession and ask them to post pone the sale for 90 to 120 days so you can do a refinance on it..  As a junior in possession they may work with you.  86k is not enough to do a BK over that would really hurt you going forward. worse that comes out of it is you know their position. its possible though that the property will bid higher than the 600k . if it goes to sale make sure you attend and watch the action very closely make sure bidders that qualify checks are not talking to each other and making side deals so the property only goes for minimum bid and you get nothing.. this is called colluding to stymie open bidding and in some markets it quite common. IF you see that happen or suspect it then you can raise holy hell with the authorities.