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Updated over 5 years ago on . Most recent reply

Felix Shraga's profile image
Felix Shraga's profile image
Felix Shraga
  • Rental Property Investor
  • from Brooklyn, NY
  • Member since Nov 11, 2016
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Felix Shraga's profile image
Felix Shraga's profile image
Felix Shraga
  • Rental Property Investor
  • from Brooklyn, NY
  • Member since Nov 11, 2016
Connect
Felix Shraga
  • Rental Property Investor
  • Brooklyn, NY
0
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7
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Buying & Selling Real Estate

Foreclosure redemption period

Felix Shraga
  • Rental Property Investor
  • Brooklyn, NY
Posted

Hypothetical scenario:

1st lien - 100k

2nd lien - 30k

market value - 180k

The property gets sold at an auction for 100k. The 2nd position is wiped out. I come to the homeowner before the redemption period is over and he signs off a deed to me. I pay the 1st lien 100k. What about the 2nd lien?

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