I WAS A WINNING BIDDER AT A TRUSTEE SALE, BUT IT WAS A SECOND LIEN. WHAT SHOULD I DO NEXT?

April 30th, 2009 by Jarad

Question: I WAS A WINNING BIDDER AT A TRUSTEE SALE, BUT IT WAS A SECOND LIEN. WHAT SHOULD I DO NEXT?

Answer: – Pray there is not a first mortgage or any back taxes you have to pay…Ha Ha. Hopefully you did your research prior to the foreclosure auction and found the property to be worth a great deal more than what the 1st was owed and what you paid for the 2nd. If not, you may want to think hard about an exit strategy. But assuming you did all your due diligence, as the winning bidder your state and county will determine when you need to come up with money to pay for the property. It ranges from state to state anywhere from 24 hours after the foreclosure auction to 30 days. If you can’t get the money within that time, you lose any money you may have had to put down. Then you may still have to wait to do anything to it if there is a redemption period in your state.

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