From my understanding if a second lien is being foreclosed on, the owner will still assume the first lien. However what happens when the lien holder of the first and second loan is the same? Do you still need to assume the first lien if you purchase the property at an auction with the second lien being foreclosed on?
Also, if you do assume the first loan, you don’t need to pay cash right away right? How would you go about finding what rate it will be at, the term, etc before actually assuming it.
Thanks for the help!