There is a property that is currently scheduled for auction which has equity, even after adding the 1st and 2nd mortgage amounts together. The 2nd Trust Deed is foreclosing, and there is not currently a notice of default filed on the 1st.
If I purchase the 2nd Trust Deed, is the 1st lienholder required to accept a payoff of the loan amount?
Also, can I legally evict the current homeowner after purchasing the 2nd mortgage?
Assuming both of the above are true, can I make up any defeciencies to the holder of the 1st mortgage and continue to pay the mortgage instead of paying it off in one lump sum?
Any information would be helpful.