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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Because they can be very profitable deals. Posted by Ward-CA- on May 24, 2002 at 6:27 AM In Reply to: Why bother foreclosing seconds posted by Jock on May 23, 2002 at 2:16 PM : I'm confused as to why lenders bother foreclosing second position liens. What does it get them since they don't get title to the property? ============== Jock, you're mistaken. The foreclosure of any voluntary lien, be it a mortgage or a trust deed will divest the foreclosure owner of title and pass it on to the highest bidder at the auction sale. Sure, if you get title at the sale of a junior lien it will be subject to the remaining senior liens, but those can be fabulous deals depending on what you bid, the amount of the senior and the fair market value of the property. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : I'm confused as to why lenders bother foreclosing second position liens. What does it get them since they don't get title to the property? : ============== : Jock, you're mistaken. The foreclosure of any voluntary lien, be it a mortgage or a trust deed will divest the foreclosure owner of title and pass it on to the highest bidder at the auction sale. : Sure, if you get title at the sale of a junior lien it will be subject to the remaining senior liens, but those can be fabulous deals depending on what you bid, the amount of the senior and the fair market value of the property. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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