Updated over 7 years ago on . Most recent reply
2nd lien foreclosure and risks on first
Just looking for opinions here. I am looking at buying a foreclosure on a second lien. I am wondering how much of the risk is in the unknown in the first. The first had NOS sale out three years ago and a week later it was cancelled. I am assuming they paid what was due but I understand loan mods don’t have to be recorded so there is a chance they worked something out with the bank and they may have a larger loan amount than implied in original deed of trust. Any thoughts?