From: Jim 
Newsgroups: misc.invest.real-estate
Subject: Re: 2nd mortgage and bankruptcy
Date: Tue, 09 Aug 2005 01:31:19 -0400

I live on Long Island in NY and I was going to buy a foreclosure back in 1990. The house was great
and in a nice area. It was being auctioned at $70,000 when houses like it were going for $200,000. I
went to the county clerk and when I asked the lady for info for the lot, block, sec, she told me to
stay away from it as soon as she heard the address. It turns out that if I bought the house for
$70.000, I would also owe the two other mortgages that were taken on the house after the first. So,
in essence, I would have owed nearly $300,000 for this house. Might be different in your state.

Tony



On 7 Aug 2005 21:54:26 -0700, "ml3p7@yippee.com"  wrote:

>mlrogers@cinci.rr.com wrote:
>> Hi Dennis,
>> I am a Realtor . . .  this does
>> not erase the lien from the home in preforeclosure phase.
>
>What if I buy it at the auction?  Will I still be subject to the 2nd
>mortgagee?
>
>Also, what if I purchase it from the owner after the auction but during
>the redemption period?  I expect the answer to this will be the same as
>the answer to the question above.
>
>It's an unusual situation.  I'm trying to keep the current owners in
>the home. 
>
>Thanks again.
>Dennis