First and second mortage in Minnesota
This is a discussion on First and second mortage in Minnesota within the Mortgages, Refinancing, Foreclosure forum, part of the Buying & Selling Property category; The bank has a first mortage and someone else has a second. The bank forcloses on their first mortage and ...
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Feb 23rd, 2009, 12:51 PM
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#1 |
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First and second mortage in Minnesota
The bank has a first mortage and someone else has a second. The bank forcloses on their first mortage and property is sold at a sheriff sale with a one year redemption period. The owner redeems the property,does the second now become the first or is it eliminated?
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Jun 21st, 2009, 05:28 PM
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#2 |
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Re: First and second mortage in Minnesota
The second is not eliminated, the new owner will have to satisfy it if the property is not redeemed in the year redemption period. At some point, it will have to be cleared in order to get a clear title.
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Mike E Williams Tx Foreclosure http://www.northstarstateauctions.com/tx-foreclosure.htm |
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