Courthouse Auctions Deed of Trust Identifying 1st & 2nd Mortgages

[Bryce Davis]

I am in the process of bidding on my first courthouse property. I am aware of the due diligence, title search, comps, etc...

I also know how some second or third lien holders may be the ones foreclosing on the property. An example would be someone took out a 2nd mortgage for their pool, you bid on the auction thinking you are bidding on the 1st mortgage and get stuck with the 2nd mortgage.

I have online access to the research the deeds. I do not know how to correctly identify the which is the 2nd and the 1st. Granted I could look at the higher amount, however that is not accurate.

Could someone please point out the method to identify what mortgage is filing for foreclosure?

Also please do not tell me I should get a title company to do the work. I am doing that as well. However, I want to be able to weed out the properties I am not interested in before paying a title company.

[Steve Babiak]

Originally posted by @Account Closed:

Upset bid could be Guru talk.
Joe Gore

No @Account Closed it is not guru talk but local procedure in the state of BC where @Chris Martin happens to be located. Maybe instead if just trolling had you googled a bit you would have found this link irksome other that explains NC upset bids:

http://www.poynerspruill.com/publications/Pages/NorthCarolinaRealEstateForeclosureProcedure.aspx

[Chris Martin]

@Bill Gulley I am closed always lipped. Maybe it's because I know about what happens if there is a hint of collusion. See also this NC attorney general press release at http://www.ncdoj.gov/News-and-Alerts/News-Releases-and-Advisories/Press-Releases/AG-Cooper-unravels-Triangle-real-estate-bid-riggin.aspx. I knew (know) and bought property from these people and along the lines of what @Rick H. said, maybe I am paranoid as well.

[Bill Gulley]

The largest group I had was less than 20, usually less than 10, one time no one was there, I usually knew who they were. I really doubt that type of rigging went on, I would have spotted that. What you find hard to deal with is property degradation, someone making remarks, "I know that property, it's got all kinds of problems, it's not worth half that!" This to is illegal. They would be dismissed quickly and with an appropriate comment. I only had one trouble maker and a deputy escorted him off. :)

[Account Closed]

@Steve Babiak,

I like that word trolling is that what everyone on BP do is just troll. My fault I don't use Google.

Joe Gore