Forclosing On A 2nd Lien In Georgia

[Christopher Winkler]

We are about to have our sale dates next month on six 2nd non-performing 2nd liens in Georgia we are foreclosing on, and our attorney tells me that we can't include the total of the first lien in our opening bid, only what we are owed with arrears, and the money flows down to subsequent liens, and NOT up to the first. 

I am slightly shocked about this, especially if there are no other bids, and it reverts back to us as the new senior liens. 

Anyone have any advice or comments on their experiences foreclosing on a junior lien in Georgia?

[Wayne Brooks]

This sounds right, it works that way here unless there are no junior liens, then the surplus goes to the first.  The reasoning is that junior liens gets wiped out, but the first is still in place. However, in hoa Foreclosures oddly enough, surplus goes to the owner.  Maybe @Dion DePaoli knows what happens to the surplus with no junior liens, in GA. Not sure what you mean by the "reverts back to us as the new senior liens".  If you took it back, it would of course be sub 2 the first.