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Updated about 1 year ago,
Bid On House Subject to 1st mortgage... Advice Needed (Ohio)
I bid on what turned out to be a a 2nd mortgage in Ohio. The house is worth around $300k. I paid 258K at auction. Looking through the court records I can see that the 2nd mortgage was awarded ~100k. There are around ~145k in excess funds which I assume go to the owner not me or the existing debt. How bad is my damage. I don't have much cash left to pay the first mortgage, in fact I don't even know how much debt there is on the first..
IF anyone has any advice to minimize damage, or a contact to call please let me know. My primary concern is figuring out how much debt is left on the first.