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Updated almost 5 years ago, 02/08/2020
Bought Junior lien .What now?
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.