You have three options - (1) purchase the loan from the foreclosing senior lienholder; (2) pay the past due balance, fees and costs to bring the 1st loan current; and (3) purchase the property at the foreclosure sale for the amount owing to the 1st lienholder. Each of these options must be examined in the context of your particular promissory note and deed of trust. As was mentioned by others, you should contact an attorney specializing in creditor rights and foreclosures to help you develop a plan of action. If I can be of assistance, please contact me.
Real Estate Broker, J.D.
The Portland Home Team
Keller Williams Realty Professionals
9755 SW Barnes Rd. Suite 560
Portland, OR 97225
Combining a lawyerâ€™s experience
with a passion for real estate.