Legal Question in Real Estate Law in Virginia

Foreclosure

Due to a failed business we were unable to make the payments on our 2 mortgages so we filed bankruptcy. We have been discharged of our debt. The 1st mortgage lender has filed foreclosure and there will be a trustee's sale in a couple of weeks.

My understanding is that the 2nd mortgage lien will fall off once the property has been sold at the trustee's sale. We can easily afford the 1st mortgage amount. My question is this: Is there any law that prohibits us from bidding on the home at the trustee's sale?

Thanks!


Asked on 9/26/07, 1:18 pm

1 Answer from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

Re: Foreclosure

No, none of which I am aware.

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Answered on 9/28/07, 9:47 am


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