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Updated almost 9 years ago on . Most recent reply

User Stats

87
Posts
9
Votes
Mike Bicho
  • Investor
  • Westport, Ma
9
Votes |
87
Posts

Foreclosure question

Mike Bicho
  • Investor
  • Westport, Ma
Posted
If bank is primary lender on a mortgage and forecloses and property also has a second line of credit securing the property as second in line, do those secondary obligations attach to the buyer of the property at a foreclosure auction? Example: Bank A forecloses on mortgage for $100k Bank B provided a 2nd mortgage in the form of a line of credit for $20k Buyer purchases property from bank A foreclosure auction for $50k, are they also responsible for the $20k 2nd mortgage? Thanks, Mike

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