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The reply by KDH is not exactly true. If the 2nd lien holder went to an auction and sold his lien -he got his money. The purchaser now holds title but the 1st lien still exists in the name of the original borrower even though that person no longer holds title to the property. If that 1st lien is not...
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Each lien is against the property. The first lien stays and stays in your name. That makes the title clouded. The purchaser at auction will still have to pay off that 1st lien to get the title clear. If it hasn't been to auction yet I may be able to assist. Email me at cddchuck@yahoo.com
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If the senior loan is remaining intact after the foreclosure sale that tells me that the holder of the second is planning to continue making payments to the first lien holder and thus the first lien gets paid and the second lien holder gets the property.
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At the risk of sounding self serving, you have come to the right place here on RealtyTrac. To get started, sign up for a free 7-day trial to get full nationwide access to pre-foreclosure properties (short sale opportunities) and properties scheduled for public foreclosure auction. Below is a video outlining...
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RealtyTrac has the opening bid amount listed when available. That is usually in line with the amount the mortgage company is willing to bid. That opening bid sometimes is changed after the original record is posted on RealtyTrac, in which case we will show whether the opening bid went up or down (see...
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Why yes! I'm glad you asked. The auction times and locations are listed on the property details pages for properties scheduled for auctions (check under the Auction tab on the RealtyTrac search results page). You can even use the "Get Email Alerts" option at the top of the property details...
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Steve, I think you're right to be very cautious at the auctions, especially about properties with a superior lien involved. Probably many properties are going to have a tax lien, which is a superior lien. You may not be able to avoid that, but you should be on the lookout for other superior liens...
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Freddie Mac is under the gun to remove non-performing property from its rolls. The GSE has lost $84.4 billion since mid-2008 and has recently been de-listed from the New York Stock Exchange. Freddie Mac has resolved to relieve itself of non-performing property any way it can, including stepping up its...
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As an investor or a retail buyer looking to buy at a discount where are you more likely to find the steepest discount?
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Congratulations on your purchase! We'd love to hear more about the details and also how it works out for you going forward. There is typically no redemption period for homeowners who lose their properties to foreclosure in California, so you shouldn't have to worry about that. There is a fairly...