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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ]

bidding on a third mortgage at a trust deed sale.

Posted by Kit Brixey on February 27, 2004 at 11:54 AM

I was wondering how I take over the control of the first and second mortgage loans, after I win the bid at the sale of the third mortgage?
Also, when bidding on the third position, do I bid just enough to get the third position or do I have to bid up to my maximum bid on the value of the house?
What happens to the extra money between the opening bid and the amount I bid on the third? Does the third beneficiary get it? I'm up against the clock, as usual.
Thank you, Kit


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