Updated over 9 years ago on . Most recent reply
Buying a Junior Lien
Hello- I am in California and am looking at buying a foreclosure at a trustee sale. The loan foreclosing is in second position and cost is $600k. The loan in first position is roughly $20k. The house is worth 875k. I am looking for assurance that i can pay off the first lien and get the house free and clear. What is the process or legally what is in place that allows me to pay off the first? Will they deal with someone that is not on the loan? if the first lien starts foreclosure, who would get the notice of default?