Quote from @Chris Seveney:
Quote from @David B.:
Hello,
Purchased a property from the county auction, comes to find out i paid off the HOA foreclosure. there was a mortgage attached. I am in talks with the lender (Wells Fargo) to satisfy this payment. If i satisfy it, will the second lien clear? or will it still be there?
Supposedly the second lien holder is a credit card debt collector, they were listed as the defendant in the foreclosure case.
Curious as to why you did not run a title search? Also how much is the first mortgage and is the property even worth keeping?
I didnt do my DD. BIG rookie mistake and lesson learned.
Paid 100k for it. Whats owed is 150k (mortgage and fees). property is worth 185/200.
If i satisfied the mortgage, there would be another 40k lien i would have to satisfy so its not worth to buy it directly from the bank. BUT if i let it go up for auction, and no one bids against me, i can get it clear title for 150k.
Whats your thoughts?
