Posted on: 04th Sep, 2010 12:20 pm
If we buy a house at foreclosure auction and is or was (when we tried to purchase it) a second lienholder, is that wiped out at the auction or would we have to contend with the second lien?This is in the state of North Carolina. Would appreciate anyone's knowledgable input.
Hi sue,
You will have to ask the previous owner of the property to pay back the second lien holder. Once he pays off the second lien, it will be removed from the property and the title will be free and clear of the second lien.
You will have to ask the previous owner of the property to pay back the second lien holder. Once he pays off the second lien, it will be removed from the property and the title will be free and clear of the second lien.