All Forum Posts by: Brendan Couture

They owe ~$300k on the primary. The secondary (HELOC) is ~$150k. House is worth considerably more than that.

Goal would be to Secure the secondary to have the ability to pay off the primary. 

But if they file for bankruptcy that’s an angle I did not think of.

If I were to buy the secondary and they file for bankruptcy, what happens? Am I SOL?


 

Thank you!

Looking for some help. I'm looking at buying a secondary lien (HELOC) via foreclosure auction.

Would I then have the right to pay off the first lien and own the property outright? That would be my goal.

The owners have a recent loan modification on the primary lien claiming hardship, but not sure that would matter if I own the secondary?

Any help would be greatly appreciated!

Looking forward to it!

@Josh R. Apologies. I see it now!

@Josh R. Hey Josh. I’d like to attend. Can you confirm the time and date?

Additionally,  every time an upset bid is placed the 10 outbid period restarts, correct?

Stuart, this helps tremendously.  One point of clarification.  Does the deposit need to be paid at the time of the outbid, or once the bid wins?

Hello All,

     I'm looking to make my first foreclosure purchase in the Triangle area of NC.  I realize that when you win the bid, a 10% deposit is due.  Does anyone know when the remaining balance of the sales price would be due?  Does it vary dependent on the attorney facilitating the foreclosure?  The property is in Wake County.

Any help would be greatly appreciated.  Thanks in advance!