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Updated over 8 years ago on . Most recent reply

Dale Gwynn's profile image
Dale Gwynn's profile image
Dale Gwynn
  • Wholesaler
  • from Orlando, Florida
  • Member since Sep 18, 2015
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Dale Gwynn's profile image
Dale Gwynn's profile image
Dale Gwynn
  • Wholesaler
  • from Orlando, Florida
  • Member since Sep 18, 2015
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Dale Gwynn
  • Wholesaler
  • Orlando, FL
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Tax Liens & Mortgage Notes

Defaulted mortgage notes

Dale Gwynn
  • Wholesaler
  • Orlando, FL
Posted

If a defaulted note is being auctioned, and has a 2nd lien, is the opening bid the amount the amount that the first lien holder agrees to accept? 

Suppose the note is $55K and opening bid is $40K. Does First Lien get the $40K or do they get everything up to $55K? Can 2nd Lien holder have claim on anything above $40K or above $55K?

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