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.

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Answered on 9/19/07, 11:48 am


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