I hope this isn’t to confusing. I made a mistake and put a bid and won a foreclosure and it was on the junior loan. My mistake my huge mistake. I went considerably above the starting bid and then found out the senior loan was about 115 grand. I was hoping the extra money would apply to senior loan but found that was not the way it worked.
Also during the bidding process an agent that held the junior loan contacted everyone as they bid to inform them about the junior bid so they would stop bidding and it would end and the winner would back out finding out about the senior loan. Unfortunately I got left holding the bag. His plan is he wants no one to bid so his company keeps the property when no one bids on it. He would then buy the senior loan and sell the house.
My question is if the junior loan does not get bid on and the company that owns it then keeps it what happens if the senior loan has yet to foreclosure?
doesn’t it have to go in foreclosure for the owner of mortgage to get the deed?
I found the company that owns the senior loan and they know nothing about the junior foreclosure, that the house is abandoned and they say they are working with the owners. The owners are 5 months behind first loan.
Just wondering what options I have to get the house. That doesn’t involve paying the foreclosure because the bid I ended up with was far above the starting bid.
Thank you for your insight
