Re: 2 Sales, 2 Trustee's Deeds, Same Property, Title?

Fairly simple:

Buyer of 2nd TD on June 15 OWNS property subject to the 1st TD and can do what ever he pleases with it until the 1st TD forecloses.

If there is sufficient equity he most probably will pay off the 1st.

No reason for the 2nd TD lender NOT to foreclose...he gets paid ONLY if he forecloses as the upcoming 1st TD will wipe him from title so it is in his best interest to proceed to foreclosure.

And, if no one bids,,,,he then OWNS the property subject to the 1st and has same options as listed above.

Then if no one bids at the 2nd TD sale on June 15th and the 2nd TD holder does not pay it off.....YES...he will be wiped from title at the June 25th sale and you can get title at that time.

Not all that familiar with Missouri but the only lien that will stay REGARDLESS is an IRS lien. The IRS has an automatic 120 right of redemption....NO MATTER where they fall in the chain of title.

SO, if you buy at the June 25th sale and it has an IRS lien...you must either pay the IRS or wait out the 120 days and they will release. DURING the 120 days....DO NOT do anything to the property as they will not refund you $$$ if you improve it and they sell it.

Bill H