Does a 2nd mortgage become extinguished when the lender for the 1st mortgage forecloses on the property and sells it at an auction?

Asked by First Time Buyer, Tampa, FL Wed May 1, 2013

Would I receive a free and clear title if I am the winning bidder if there are no other liens on the property in this case? Meaning will the 2nd mortgage be wiped off of my responsibility and not stay with the property and instead they can go after the original borrower?

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Alma Kee, Agent, Tampa, FL
Thu May 2, 2013
Of course, we're talking about buying at the courthouse foreclosure auction. On a property listed on the MLS, you will normally get Title Insurance and there will be no worry about researching liens.
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Alma Kee, Agent, Tampa, FL
Thu May 2, 2013
Contact an attorney to verify which liens survive a foreclosure. I can recommend:

Lawrence Fuentes with Fuentes and Kreischer

Also you might join a Real Estate Investment Club and they may be able to show you the ropes or offer training classes.

Also a title company may be able to offer you advise on which liens survive the foreclosure auction.
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