Purchasing a second trust from foreclosure auction-Process?
Hi All:
I usually purchase 1 lien positions from foreclosure trustee sales. I have never purchases a 2nd trust before, but came across a property where the 2nd trust is being sold via trustee foreclosure sale. Understandably, the winning bidder for the 2nd trust is responsible for the 1st lien.
My question is to do with the process. How does the successful bidder of the 2nd trust go by paying off/purchasing the 1st trust to complete ownership of the property. Do you need the previous owner's consent to payoff that mortgage? Is this an automatic right of the successful bidder of the 2nd trust or are there any other caveats involved? The property is located in MD.
Thanks in advance.