Second Place Foreclosure Question.

[James W.]

Hi

If I buy a foreclosure from the second position for say $200,000, subject to first mortgage of lets say $300,000, and then the first position forecloses - my understanding is it forecloses the original owner, and not me.

At this point,  can I pay the lender their $300,000 to prevent foreclosure? Can they deny my payment and still foreclose?

And when they do foreclose because lets say I could not pay - what happens to my $200,000 before they take the title from me? Do they have to include my cost and foreclose for $500,000, and pay me before taking away the title?

[James W.]

Originally posted by @Dave Van Horn:

@James W. You could try pulling a credit report.

thats a nice one... except i  am sure there's hardly any legal way to pull up someone's credit report with just their name

you purchase plenty 2nd place notes, how do you determine they are 2nd place?