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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Expect the best once you've done your best research. Posted by Ward-CA- on November 11, 2001 at 11:20 AM In Reply to: 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! =•=•=•=•=•=•=•=•=•=•=•= Generally the foreclosure action of a senior lien will wipe off title any liens and interests junior to it. In the absence of a foreclosure however, the purchase of a property comes will all unpaid liens and interests attached. Just because you buy another’s property that’s encumbered with existing liens, that doesn’t automatically make you personally liable for the payment of such liens. If you’re trying to determine the existence of a particular you will have much greater success to look for it in the recorder’s office than any other office. There are legions of us smart, and sometimes lucky pip-squeaks, who win at these auctions. So I would expect the best after taking all possible precautions and title research steps. Follow Ups: 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! : =•=•=•=•=•=•=•=•=•=•=•= : Generally the foreclosure action of a senior lien will wipe off title any liens and interests junior to it. In the absence of a foreclosure however, the purchase of a property comes will all unpaid liens and interests attached. : Just because you buy another’s property that’s encumbered with existing liens, that doesn’t automatically make you personally liable for the payment of such liens. : If you’re trying to determine the existence of a particular you will have much greater success to look for it in the recorder’s office than any other office. : There are legions of us smart, and sometimes lucky pip-squeaks, who win at these auctions. So I would expect the best after taking all possible precautions and title research steps. 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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