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Author: footsox Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 13953  
Subject: Re: Auction house 2nd mortgage Date: 1/29/2013 4:09 PM
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Well, now I am confused. We paid a title company to research this property. Here is the e-mail I just received from them: "The 2nd mortgage would remain on the property---you would need to satisfy that mortgage before title would be clear." Hmmm... A little more info.-- This house has a judgement of $111,000 (approx). It is worth about the same amount (perhaps $100K to 110K) So, if what you are saying is correct, and let's say the house goes for exactly $111,000 at the auction -- then the whole $111K would go the the foreclosure bank. And the 2nd mortgage holder would get nothing?

I tried calling the 2nd mortgage holder and of course they wouldn't give me any info, unless I am the customer. The 2nd mortgage holder is GMAC. Does anyone have any inside contact or phone number?

This is very exasperating. We are just trying to buy a house at a reasonable price. We have paid a title company to do this research, and now I am at a dead end figuring out if thie 2nd mortgage holder will pass through to us and have a lien against the house after we buy it. It just seems like so many dead ends to buy a house at an auction. Even after we try to do the utmost research, we still don't get any answers from the 2nd lien holder.... Thanks for any replies....

Footsox
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