Foreclosure University Forum

(?) Buying a foreclosure at trustee auction-home has HELOC.

by spizzi, Monday, May 03, 2010, 14:08 (3142 days ago)

Hi all,

I am in Arizona and did a title search on a home that keeps getting postponed at auction because it is currently going through a home loan modification review with the Beneficiary (Lender). Upon receiving the title search results and unless I read the results incorrectly, it has been noted there are two loans associated with the home address and subsequently the home owner. The first is the original loan with Bank-A in Year 2006 for around $600K, the second is a Deed of Trust Home Equity Line of Credit loan with Bank-B secured in Year 2007. Note: I am indicating there are two different banks involved with these loans Bank-A and Bank-B respectively.

So here's where I am looking for some clarification. If Bank-A is the primary Lender (Beneficiary) and is the one that is currently postponing Trustee Auction due to reviewing the current Home Loan Modification application, AND Bank-B has what appears to be a lien on the house as well (I didn't know HELOCs can also be a lien on a home>>), THEN is it possible for Bank-B to come after ME assuming I purchase the home at foreclosure Trustee Auction> Are there any protections for me as a buyer> Anything I might be missing and need to investigate further>

Thanks in advance!


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