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I bid on a foreclosure that was initiated by the second mortgage

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company. The amount of...
I bid on a foreclosure that was initiated by the second mortgage company. The amount of the bid will not pay off both the 1st and 2nd mortgage. The foreclosure is subject to the 1st and the taxes. Do I have to pay off the 1st separately? I am in Hawaii
Submitted: 7 years ago.Category: Legal
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Answered in 2 minutes by:
6/1/2010
Lawyer: Dimitry K., Esq., Attorney replied 7 years ago
Dimitry K., Esq.
Category: Legal
Satisfied Customers: 41,221
Experience: Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.
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Thank you for your question.

In this situation your bid first goes to the 2nd lender for their debt, then the remainder to the first lender as a means of partially paying off the debt. However you still have to pay off the 1st lender as that debt is considered separate (in this situation there are 3 lien holders, namely the state for taxes and the first and the second mortgage). All of the lien holders have to be personally paid off before you are legally able to get title without blemishes on it.

I am sorry.

Edited by Dimitry Alexander Kaplun on 6/1/2010 at 7:18 AM EST
Dimitry K., Esq.
Category: Legal
Satisfied Customers: 41,221
Experience: Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.
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