Posted by JohnBoy on June 08, 2004 at 21:33:28:
If you buy the 1st and the owner is in default on the loan, then you have to foreclose to wipe out a 2nd. But the 2nd could always bid the minimum bid to pay off your 1st so they can take the property and protect their interest. If the 2nd doesn’t bid and no one else bids, then the property goes back to the 1st that is foreclosing.