Buying A 2nd Mortgage at auction
A Foreclosure sale is coming up on a property that I would like to get my hands on but it is the 2nd mortgage that is foreclosing. According to the records all the other creditors have been notified of the sale except the holder of the first mortgage. Now if I go and successfully obtain the second mortgage at the courthouse, do I get title to the property upon paying the first off? Do the orginal homeowners have any claim to the property since they lost the second mortgage at auction? When will the first mortgage have to be satisified? The property has only 2 mortgages so no third mortgage to compete with at auction.