Bidding on own house in a NC forclosure initiated by the 2nd mortgage.?
3 attorney answers
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Any time, prior to purchasing a foreclosure, you need to retain an experienced mortgage foreclosure attorney, who will have the expertise to help you avoid problems with foreclosed properties, which can have devastating financial consequences for the uneducated and unprepared. To properly answer your questions and address your concerns, the best way to handle this is with an in person consultation with an experienced NC mortgage foreclosure attorney. Use AVVO's Find a Lawyer tool to select a qualified attorney. Good luck. THIS IS NOT LEGAL ADVICE! YOU NEED TO SPEAK TO AN ATTORNEY WHO IS LICENSED IN YOUR STATE FOR LEGAL ADVICE. This is merely suggestions for you to think about in discussing your situation with the local attorney.
If you found this Answer helpful, please mark it as "Best Answer" Please be advised that the answer above is only general in nature cannot be construed as legal advice, given that not enough facts are known. It is your responsibility to retain a lawyer to analyze the facts specific to your particular situation in order to give you specific advice. Specific answers will require cognizance of all pertinent facts about your case. Any answers offered on Avvo are of a general nature only, and are not meant to create an attorney-client relationship.
When the foreclosure happens, whomever bids takes it subject to the first mortgage, which its lien will survive.
So in essence, if you win the bid, you have to keep paying your first mortgage.
As a practical matter, if you have the money to pay more than the mortgage holder's 85K bid at the foreclosure sale, it would seem foolish not to just pay the judgment and stop the sale, rather than potentially paying a higher price if there are other bidders. That said, it would be well worth discussing the specific facts of this situation with foreclosure defense counsel before taking action in this matter.
Any answer provided on the AVVO website is for informational purposes only and does not constitute legal advice for your specific situation. You should always seek legal advice before taking any action which may affect your future rights. Your local legal aid office may well provide information or access to free legal advice and your state bar organization may provide referrals to reputable attorneys who will provide advice on a reduced cost basis.