All Forum Posts by: David B.
David B. has started 1 posts and replied 3 times.
Post: Does satisfying the first mortgage clear out the 2nd LIEN?
- Posts 4
- Votes 0
Quote from @Chris Seveney:
Quote from @David B.:
Hello,
Purchased a property from the county auction, comes to find out i paid off the HOA foreclosure. there was a mortgage attached. I am in talks with the lender (Wells Fargo) to satisfy this payment. If i satisfy it, will the second lien clear? or will it still be there?
Supposedly the second lien holder is a credit card debt collector, they were listed as the defendant in the foreclosure case.
Curious as to why you did not run a title search? Also how much is the first mortgage and is the property even worth keeping?
I didnt do my DD. BIG rookie mistake and lesson learned.
Paid 100k for it. Whats owed is 150k (mortgage and fees). property is worth 185/200.
If i satisfied the mortgage, there would be another 40k lien i would have to satisfy so its not worth to buy it directly from the bank. BUT if i let it go up for auction, and no one bids against me, i can get it clear title for 150k.
Whats your thoughts?
Post: Does satisfying the first mortgage clear out the 2nd LIEN?
- Posts 4
- Votes 0
Hello,
Purchased a property from the county auction, comes to find out i paid off the HOA foreclosure. there was a mortgage attached. I am in talks with the lender (Wells Fargo) to satisfy this payment. If i satisfy it, will the second lien clear? or will it still be there?
Supposedly the second lien holder is a credit card debt collector, they were listed as the defendant in the foreclosure case.
Post: Every investors NIGHTMARE? Both properties have LIENS!
- Posts 4
- Votes 0
Quote from @Matt Devincenzo:
Your description doesn't make sense. Did you purchase a foreclosure on a 2nd position lien that was subordinate to a senior loan which is still in place? If so then I'd be surprised if the same scenario couldn't occur in OH. It's a pretty widely discussed issue with buying foreclosure auctions. If your foreclosure was for the first, then any subordinate liens should have been stripped. Or are the other liens completely unrelated to mortgages and are some other attachment?