Buying a 2nd Mortgage at auction
I am looking at purchasing a home at a trustee sale in Maricopa County Arizona. I am hoping to get some advice on how to proceed. This will be my first time and I know there are a lot of pitfalls. My target is a particular property that has 2 loans. The 2nd is foreclosing, so I would be buying the property and from reading other posts it looks like I will need to pay off the first lien and any other senior liens to the one that I am buying at the auction. What is the safest way to make sure that there are no other liens? Do I just have title pull a policy the day before the auction? Will they give title insurance to insure against anything that doesnt show up? Thanks in advance for any info!
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#1 Foreclosures Contributor
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#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
@Heath S. To be clear, in your scenario, you are Not buying the second mortgage. You Are buying the Property, thru a foreclosure action initiated by the second mortgage holder. You will Own the Property, subject to the first mortgage, and yes they will have to let you pay it off, which is what they want anyway.