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 - Talk of the Town: Trailerin a Tractor, Chains or Straps? - by Staff. Another great discussion from the Tractor Talk Discussion Forum. The discussion started out with the following post: " I bought a trailer and plan to take my CASE VAS to some shows. I don't yet have anything to secure it to the trailer. So which is better to buy and use; the ratchet-type straps or binders and binder chains?
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