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Updated almost 18 years ago on . Most recent reply

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ND foreclosure

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Posted

Hi,
Not sure if anyone is knowledgeable about North Dakota foreclosure law but thought I would ask here anyway. This is my first time considering buying at auction.
There is a property up for auction this week for at least a 50% or more discount and the home was purchased in 1992 for 72K and the starting bid is 63K. Refinanaced at some point?
The homeowners don't show any signs of moving out. In fact, they are currently getting new gutters put on. Seems odd fpr someone in foreclosure.
Is it possible for a foreclosure to be on a second mortage only? This was a general warning mentioned to me when discussing the auction process at the courthouse. They said be careful as some auctions are for the 2nd mortage which is basically worthless. Is this true? What happens to the first mortgage?
There is a 60 day redemption period and also a minimum of 60 day notice to evict.
Thanks

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