This pertains to a Trustee Sale in Las Vegas.
If I bid on a 2nd junior mortgage at Trustee Sale, and I’m comfortable with the 1st mortgage amount, as well as the equity in the house, I have a few question on dealing with the Senior Lien.
1.) Do I have the option to refinance, providing there’s enough equity and I can do a quiet title action?
2.) If I have a non-assumable First Lien, can I reinstate the loan and continue paying the Senior Lien off? Or are we almost always looking at a call of the note with “due on sale”?
3.) Will the first generally work with me even though it’s not my loan?