Foreclosures
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated about 10 years ago,
Texas Foreclosure Sale and 2nd Lien
Hi,
I'm trying to get a good grip on buying foreclosures from the courthouse steps in Texas when the property has a 2nd lien. For example, the sale mentions the first lien, the primary, from the main bank foreclosing. It does not mention the second subordinate lien at all.
Assuming it is a second mortgage lien towards the property for a much smaller amount and is secondary position, what happens after the sale and how do you get the 2nd lien extinguished? What are the ins and outs and things you should know?
Thanks.