Updated almost 11 years ago on . Most recent reply
Buying from Auction
There is half a duplex going to auction this week, and my dad owns the other half. My dad would like to buy it but he knows it has 2 mortgages on it. One for 100k and the other for 95k. The house is valued at 80k. If my dad was to win the auction at lets say 60k. Would that satisfy both mortgages or will one of the banks come after my dad? Thank you for the help.