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Updated over 6 years ago on . Most recent reply

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Matt Pfefferlen
  • santa monica, ca
3
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Due on sale in second lien foreclosure

Matt Pfefferlen
  • santa monica, ca
Posted

I am looking to buy at trustee sale a foreclosure initiated by the second lien. What are the chances of the first asking for payment in full from the due on sale clause in the note?

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Ron S.#3 Foreclosures Contributor
  • Paradise, CA
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Ron S.#3 Foreclosures Contributor
  • Paradise, CA
Replied
Originally posted by @Matt Pfefferlen:

I meant I will pay the mortgage meself to keep it current 

 They would still accelerate the loan...especially if it went to sale. That's a win win for them...and unless you pay them off in full, your purchase gets wiped out. They will start their foreclosure (If they haven't already) and you'll be at another trustee sale shortly, watching your money go down the drain if you don't pay them off before their sale.

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