Updated almost 11 years ago on . Most recent reply
Equity loans during foreclosure process
I am looking at a property in California that the owner defaulted on a $322K loan from 1999, they have $59k in default and the starting bid on auction.com is $217,000. However, the owner took out three equity loans all in 2007 for $1MM. My question is: Will auction.com expect to get the entire amount including the equity loans for this house? The neighborhood is valued at over $1MM, but this house is in bad shape.
The original loan is with Northstar Mortgage and the equity loans are with BofA.
Any experience here?