Updated over 6 years ago on . Most recent reply
2nd mortgage forclosure
I recently bought a property at auction where the 2nd mortgage foreclosed on it. The 1st mortgage seems to be current. I normally only buy houses where 1st mortgage is foreclosing so this is a first for me. Any suggestions how to deal with this? Houses is worth 170k, 1st mortgage is around 80k and I got the house for 35k. Any suggestions?
Most Popular Reply
you gotta play this one smart unless you can just payoff 1st anytime. If you call them and say "hey, I just bought this property at an auction and i am a new owner. How much i need to pay to keep you current?".
They will say: " pay us in full, or we will start foreclosure".
See if you can figure our what is the current payment and send in your money orders until you know what you doing with this one.
Just an experienced, humble advice.