Legal Question in Real Estate Law in Michigan
1st lien
Michigan: Property has two mortages. I buy the 1st lien at a mortage sale. Do I have to buy or pay on the second lien? My name is not on the note with the second party.
Asked on 3/17/05, 6:28 pm
1 Answer from Attorneys
Blake Lipman
Law Office of Blake P. Lipman
Re: 1st lien
If you bought a property in a foreclosure sale, and the lien you bought is the first(senior) lien, and the second mortgagee was noticed of the forclosure sale, then you have your interest free and clear of the second lien which was extinguished by the foreclosure sale. For more info, please contact my office at (248)851-3171.
Answered on 3/18/05, 12:57 pm