Yes, I know I made a big mistake and should have done my homework, but what done is done and I just want to know what to do now. There is a 1st mortgage (refinance) ahead of my lean (2006) for $210,000 and a second mortgage behind my lien (2010) for $49,000. The property is worth about $190,000. Will I automatically assume the $210,000 or $49,000? What can I do now? Can I go after the original owner for the $21,000?
I would not mind taking over the property's payments. I am in the 90 day redemption period now. Do I have any rights to the property after the 90 days? There is a current renter in the property and the original loan is not in foreclosure.I already contacted the Trustee and tried to cancel my purchase, but they refused. Am I required to pay the $210,000? Or can I just walk away and loose the $21,000.