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Updated almost 11 years ago on . Most recent reply

Raul Buitrago's profile image
Raul Buitrago's profile image
Raul Buitrago
  • from Katy, Texas
  • Member since Jan 29, 2014

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Raul Buitrago's profile image
Raul Buitrago's profile image
Raul Buitrago
  • from Katy, Texas
  • Member since Jan 29, 2014
Raul Buitrago
  • Katy, TX
0
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Foreclosures

Main Loan Vs. Junior Loan

Raul Buitrago
  • Katy, TX
Posted

on an Action is it true that if i pay the main Loan I don't have to pay the Junior Loan?

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Chad U.'s profile image
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Chad U.
  • Investor
  • from Boca Raton, FL
  • Member since Sep 20, 2012

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Chad U.
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  • from Boca Raton, FL
  • Member since Sep 20, 2012
Chad U.
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  • Boca Raton, FL
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Chad U.
  • Investor
  • Boca Raton, FL
Replied

At auctions, in most cases a junior or subordinate loan will get wiped if the first loan holder foreclosing upon the owner AND the 1st mortgage names all other lien holders in the foreclosure action. It varies by state, as not all liens get wiped and survive the foreclosure such as HOA, taxes, IRS, violation, etc.

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