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Updated over 9 years ago on . Most recent reply

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Sandra Dunbar
  • Irvine, CA
0
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Equity loans during foreclosure process

Sandra Dunbar
  • Irvine, CA
Posted

I am looking at a property in California that the owner defaulted on a $322K loan from 1999, they have $59k in default and the starting bid on auction.com is $217,000.  However, the owner took out three equity loans all in 2007 for $1MM.  My question is:  Will auction.com expect to get the entire amount including the equity loans for this house?  The neighborhood is valued at over $1MM, but this house is in bad shape.

The original loan is with Northstar Mortgage and the equity loans are with BofA.

Any experience here?

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