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Updated almost 7 years ago,

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Tim Young
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Bid on 2nd mortgage at at sheriff sale

Tim Young
Posted

I need some suggestion or advice! So I won the bid on 2nd mortgage foreclosure at the sheriff sale.  The house was foreclosed by the 2nd mortgage, not the first mortgage. The balance for the 2nd mortgage was 40K, and I won the bid at sheriff sale for 9K. The  balance on the first mortgage is 75K, and I am assuming it's still current since it's not in foreclosure yet.  I think the house worth about 210K in today market.  My question is after the 6 months redemption period, assuming that the home owner does not redeem, can I just pay of the 75K with the first mortgage and sale the house? Also can i file for eviction if the borrower still paying for the mortgage?  This is my first bidding on 2nd mortgage instead of the first one. Any advice is appreciated...Tim