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Updated over 1 year ago on . Most recent reply

Ti Hon's profile image
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Ti Hon
  • Residential Real Estate Broker
  • from Garden Grove, California
  • Member since Jan 9, 2008
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34
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Ti Hon's profile image
Ti Hon's profile image
Ti Hon
  • Residential Real Estate Broker
  • from Garden Grove, California
  • Member since Jan 9, 2008
Connect
Ti Hon
  • Residential Real Estate Broker
  • Garden Grove, CA
1
Votes |
34
Posts
Foreclosures

what happen if the 2nd lien is foreclosed, and the first mortgage is current

Ti Hon
  • Residential Real Estate Broker
  • Garden Grove, CA
Posted

I have seen quite a few properties here in CA which is non judicial state in which the second mortgage of very little value is being foreclosed. However, the first mortgage with very low LTV is still current.

What happen under this scenario if I decide to bid for the second at trustee sale.

For example, house worth 700k.

1st mortgage - 350k

2nd mortgage 200k.

Orange County, California
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