Posted by John Merchant on March 28, 2009 at 11:16:14:
If the DOT actually goes all the way to foreclosure then the competent Trustee would probably ignore that tiny offer and either sell to high-enough bidder or withdraw from DOT auction and hold for later auction.
Nothing that 2d DOT lienholder can do to protect itself except to pay off 1st itself. Its mere existence wouldn’t even slow down a legitimately held auction.
Can a 2nd lien bank keep upsetting bid?? - Posted by Debo1977
Posted by Debo1977 on December 31, 2008 at 16:58:25:
I have been researching foreclosures for some time and i finally feel like i found a deal. I went to the courthouse and reviewed the filings, the sub trustee identifies the first recorded mortgage as the note in default and it is the first recorded lien on property. So far, i think i am doing ok? Then i run a lien and judgment search, only 1 lien from the HOA in the amount of 261 bucks. Still, i think i am doing ok. SO i went to upset the bid and the report of sale sheet indicates that the person who bid the min at auction was the bank in second lien position. Now, i can see the logic as there is significant equity in this house.
My question is, can the bank in second lien position keep upsetting the bid creating a bidding war with me? Or are they just allowed to place the initial bid.
I am in Mecklenburg County, NC.
Any insight would be appreciated.
Re: Can a 2nd lien bank keep upsetting bid?? - Posted by Bill H
Posted by Bill H on January 02, 2009 at 15:28:21:
Nothing I know of in any state that says you cannot protect you r position which seems to me to be exactly what the 2nd lienholder was doing.
Look at it this way. If you were the 2nd lienholder and knew the proerty was worth much more than the 1st was asking at auction…WOULD YOU…sit on your thumbs and lose your $$$.