All Forum Posts by: Julie Smith

 This question cannot be answered on BP. you need to run a title report and either understand or have an attorney review to see if the mortgage is valid or invalidated. In some foreclosures the mortgage stays in place and you buy the property and will have to stil pay off the mortgage or the lender will foreclose. Without seeing a full title report people would be guessing and there could be additional liens on the property as well.

Whoever initiated the foreclosure is required to put in an initial bid. If no one else bids, then yes it goes back to whoever initiated the foreclosure.

B.S.!!!! It is easy to buy at the courthouse steps , just show up with cashiers checks and raise your hand!
However, it is also very easy to lose your shirt. I attend and buy at my Texas county foreclosure auction the first tuesday of each month. This is an open invitation to come watch a pro do it next tuesday the 5th. PM me if interested.
Here are a couple examples.
1. Last month, a newbie bid around 40K on a house worth probably 200K. Great deal, right? He hadn't done his homework!! (now it gets funny) It was for a SECOND mortgage that was for a swimming pool and landscaping on the 200K home the homeowner had taken out. This bidder had paid off the homeowners' pool loan. He gets nothing for his money, and the homeowner got a free pool!

Can you elaborate on why he got nothing?  The foreclosure was for a second position lien (the second mortgage), but doesn't that mean he would have to pay for 1st position mortgage to make the property his?  As in your scenario wouldn't any auction with a second position lien not really be a foreclosure on the home?  Thanks for any insight.