Asked by Khalil, New York, NY • Mon Oct 15, 2007
There is a home for sale at a foreclosure auction in NYC. There are 2 mortgages on the home- senior (1st in time; older) & junior ( 2nd in time; recent). However, the junior bank recorded its mortgage before the senior bank. The senior bank is foreclosing the property. Will the junior have interest in home after the sale since he recorded his mortgage first?
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