I went to a foreclosure auction once where a guy bought the note from a bank and foreclosed on himself. Brighter than me, he knew that the only way the holder of the second note could come out was to outbid him at the auction. Didn"t happen and the holder of the second got nothing, losing $40k.
Here, highest bidder gets the property, no matter what the bid. The holder of the first (who usually forecloses) needs to attend the sale to ensure that the sales price is higher than the loan. I"ve been in that position, ready to bid.
First the attorney and taxes are paid, then note holders, in order, until there"s no money left.
Sometimes it works out better to not make the loan current and go through foreclosure. Depends on how many claims there are on the property, or a gamble that the first claim will not want to own the property after the sale, preferring to take a loss.
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Today's Featured Article - My Ford Golden Jubilee - by Troy Estes. This article is about my '53 Ford Jubilee and a story that starts with taking the tractor to my brother's Starter/Alternator Rebuilding shop for a wiring fix. The generator was shot as well as all the wiring. I dropped off the tractor expecting a transformation from a 6 volt to a 12 volt system utilizing the original generator housing, and a total rewiring of the whole tractor. The front end center pin bushing was worn also so I ask that they replace it if they had time. Well, that’s wha
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