Can a Foreclosure Auction be for a non-first position Lien?
Hi All, I am curious about the technicalities of Foreclosure auctions.
For example, is it possible that second position or third position liens are being auctioned but the First position mortgage isn't?
I understand the concept of checking for surviving liens such as Property Tax, but wanted to confirm that any foreclosure auction is for the First Position lien not any other lien and then our due diligence involves checking for other liens that may come due upon winning the auction.
Seems odd to me that you would see a $1,000 HOA foreclosure at auction but the mortgage isn't included that day, but want to confirm that can't happen.
Thank you again!