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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Multiple mortgages Posted by Please help, last hope... on November 09, 2001 at 10:31 AM I am trying to purchase a home going to Sheriff Sale. The original mortgage was $52K, and the owner obtained a equity loan of $33K. The bank is now asking for the $52K plus lawyer fees and penalties via sheriff sale. If I purchase the home at sale, what happens to the secondary mortgage? If I purchase the home from the owner, can I do so with the secondary mortgage still in tact? Do I become responsible for this? The bank, as well as the lawyer representing the foreclosure and my lawyer can't find any information on the secondary loan... It's a mess. Do the 'little guys' ever win at the auctions? What can I expect...? Thank you ever so much! LVL Ranch, home farm Follow Ups: Re: Expect the best once you've done your best research. Ward-CA- 11:20 AM, 11/11/01 (3) Re: Expect the best once you've done your best research. Patricia 1:31 PM, 08/26/03 (0) Re: Expect the best once you've done your best research. Ron 3:02 PM, 11/11/01 (1) Re: Taking title subject to Ward-CA- 9:46 AM, 11/15/01 (0) Post a Followup: Name : E-Mail : Subject : Comments: : I am trying to purchase a home going to Sheriff Sale. The original mortgage was $52K, and the owner obtained a equity loan of $33K. The bank is now asking for the $52K plus lawyer fees and penalties via sheriff sale. If I purchase the home at sale, what happens to the secondary mortgage? If I purchase the home from the owner, can I do so with the secondary mortgage still in tact? Do I become responsible for this? The bank, as well as the lawyer representing the foreclosure and my lawyer can't find any information on the secondary loan... It's a mess. Do the 'little guys' ever win at the auctions? What can I expect...? Thank you ever so much! 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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