I want to bid at a trustee auction on a house with a 1 st & 2nd Mortagee

[beezee53]

What is the name of your state?What is the name of your state?Oregon

I am planning on bidding at a trustee auction real soon but am a little scared. I have ordered a title report and the property owner has both a first and second mortgage. The first mortgagee has foreclosed and is auctioning the property. About $ 142,000 is owed on the first mortgage. If I bid on the property and am the highest bidder, how do I get title when there is also a second mortgage. Would I need to contact the 2nd mortgagee for a payoff? What could the problems be with the 2nd mortgagee?

[jnazareno]

Originally Posted by beezee53

What is the name of your state?What is the name of your state?Oregon

I am planning on bidding at a trustee auction real soon but am a little scared. I have ordered a title report and the property owner has both a first and second mortgage. The first mortgagee has foreclosed and is auctioning the property. About $ 142,000 is owed on the first mortgage. If I bid on the property and am the highest bidder, how do I get title when there is also a second mortgage. Would I need to contact the 2nd mortgagee for a payoff? What could the problems be with the 2nd mortgagee?

you need to research the foreclosures law in your state..
be careful TItle reports don't show IRS liens, so if you purchased
the home, later found out last Owner had IRS lien, IRS has all rights
to sell. and IRS don't like to lose cases.