Legal Question in Real Estate Law in North Carolina
Foreclosure
I want to bid on a property in foreclosure at auction. I had a title search done. There are two mortgages. there is a Notice of Foreclosure for the first mortgage and a Substitute Trustee document for the second mortgage. Does this mean that the auction will take care of both mortgages? I do not want to bid on a home that has an outstanding mortgage.
Asked on 9/19/07, 11:35 am
1 Answer from Attorneys
Jeff Rosner
Rosner Law Firm P.A.
Re: Foreclosure
If the first mortgage is foreclosing it will extinguish the 2nd mortgage. If the 2nd mortgage is foreclosing, it will be subject to the first mortgage.
Answered on 9/19/07, 11:48 am