Assignment of mortgage

[Mikey Grabon]

So I need some help with understanding assignment of mortgage. Why would I see assignment of mortgage being past around like a hot potato? Should I worry about bidding on this house? Plus I see on the doc adjustable rate open-end home equity conversion mortgage. What would I have to worry about if I win the bid? I feel this owner has no equity in the home because there are two of these mortgages.

[Wayne Brooks]

@Mikey Grabon As long as it is the mortgage holder in 1st position that is foreclosing.....nothing else matters, as far how many mtgs or what the balances are.  You do have to watch for hoa debts, depending on the state, past due property taxes and any muniliens that may survive.