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 about 14 years ago,

User Stats

5
Posts
0
Votes
M. Turner
  • Real Estate Consultant
  • Fort Mill, SC
0
Votes |
5
Posts

Bank foreclosed on second position before first

M. Turner
  • Real Estate Consultant
  • Fort Mill, SC
Posted

I recently bid (and won) a foreclosure auction in which the bank owns both the first and second positions on a property. For some reason, they decided to foreclose on the second position first - giving me the opportunity to obtain the property. Obviously, the first lien is still in position and would need to be satisfied when the property is sold. My question is this: When I close on this foreclosure next week (obtain the property from the court), the court will award me with the title to the property. How is this going to affect the ownership of the first lien? IF the bank decided to foreclose on their first position due to the original owner not paying on it - how does this affect me? Will I basically just own a second position to the property and get written off? Curious to the thoughts of anyone else that might have been in this situation...

Thanks in advance.

Loading replies...