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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Sale Tomorrow - 1st lienholder Foreclosure question Posted by Brian on September 24, 2003 at 6:05 AM Thank goodness for this board and website. I've been doing my homework for almost a year attending sales, talking to bidders, bank reps etc. Many of the sales in this area that I've been to have been 2nd lienholder foreclosures and some Home Owner Association Foreclosures. I'm aware that in "these types of sales", you are obligated to pay off the lienholder in the 1st position but in the case of this particular a sale, (tomorrow) of a mortgage foreclosure with the 1st lienholder foreclosing, I had a question: 1st Mortgage amount is about $80,000. No other liens / mortgages/ association dues at all. I sure this is going to sound stupid.... but the high bidder is'nt obligated to satisfy this lienholder correct? - Just the amount of his/her winning bid? (for example, if the high bid is $50K for example). The sale is in PA by the way. Call it aprehension but I try to be really thorough (to much at times) before making a move. I just want to be sure. I'm aware that many Mortgages have deficiency judgement clauses so the company can "go after" the "foreclosed individual" for the difference in the amount owed and the sale amount. Can anyone give me an idea of an overview of this for my own information? After about a year of attending appx 30 sales, I'm comfortable enough to begin "making a move" on some of these. (Possibly one of a few tomorrow). Thanks, Brian Follow Ups: Minimum bid and deficiency judgments... Ward-CA- 7:09 AM, 09/24/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Thank goodness for this board and website. I've been doing my homework for almost a year attending sales, talking to bidders, bank reps etc. : Many of the sales in this area that I've been to have been 2nd lienholder foreclosures and some Home Owner Association Foreclosures. I'm aware that in "these types of sales", you are obligated to pay off the lienholder in the 1st position but in the case of this particular a sale, (tomorrow) of a mortgage foreclosure with the 1st lienholder foreclosing, I had a question: : 1st Mortgage amount is about $80,000. No other liens / mortgages/ association dues at all. I sure this is going to sound stupid.... but the high bidder is'nt obligated to satisfy this lienholder correct? - Just the amount of his/her winning bid? (for example, if the high bid is $50K for example). The sale is in PA by the way. Call it aprehension but I try to be really thorough (to much at times) before making a move. I just want to be sure. : I'm aware that many Mortgages have deficiency judgement clauses so the company can "go after" the "foreclosed individual" for the difference in the amount owed and the sale amount. Can anyone give me an idea of an overview of this for my own information? : After about a year of attending appx 30 sales, I'm comfortable enough to begin "making a move" on some of these. (Possibly one of a few tomorrow). : Thanks, : Brian 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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