Question by Wondering: What happens to other leins when foreclosure occurs?
My house in California is currently in foreclosure. I have a 1st and a 2nd mortgage as well as a 3rd, seller note. What happens at the foreclosure auction? What happens if there isn’t enough funds to pay off the leins? What if any steps should I take?
Best answer:
Answer by dragonkraut If there aren’t enough funds at the sale to cover the total amount of the debt you owe, the bank takes a loss and transfers that to you via your credit taking a big hit and you owing the balance. You’ll have to discuss your options with the mortgage holders.
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