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Updated over 18 years ago on . Most recent reply
Purchasing foreclosure question
Here is the deal. I am interested in a property in Will County, Illinois. The owner filed chapter 7 bankruptcy. He gave the property back in the bk. I finally got ahold of the bank that has the delinquent mortgage. They said that he still owns the property and that it is going through foreclosure. He contacted his attorney and he said that I would have to get a real estate attorney to get with the banks attorneys to work out a contract. Now to my question. I know that there is a first and second mortgage on the property. If I was to hire a lawyer and purchase the property would I have to pay the first and second mortgage or would I just be paying off the first mortgage? Please help me before I spend the money on the lawyer.
Thanks
questiongirl