Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Foreclosures
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 5 years ago, 02/08/2020

User Stats

2
Posts
0
Votes
Husniye Mencek
  • Phoenix, AZ
0
Votes |
2
Posts

Bought Junior lien .What now?

Husniye Mencek
  • Phoenix, AZ
Posted

We purchased a house on auction. Shortly after we faced the fact that the house will be sold for the second time on auction open to public. In fact we did not have an idea that we bought the junior lien. The senior lien is in possession of a debt collector firm which is representing the loan servicing and is asking for the payoff of a loan which belongs to the previous owner of the house. Never had an experience like this before and not clear what exactly should do to stop the auction and avoid losing the house. We paid much more on what was owed on the second lien and the question is why the excess proceeds is not going toward paying the senior mortgage? Is there any way to avoid paying the senior , if not how will get to know what the real amount is, since the loan servicing refuses to give us any answers regarding the real amount because our names are not on the loan . We went to many attorneys who thing it is interesting case but did not give us any specific advice nor offer to help us. 

Loading replies...