what happens to the second loan


#1

If there are 2 loans on the property and I see that loan # 1 is in position number 1, who is responsible for loan # 2. Is loan number 2 paid off, or does the buyer have to pay it off.


#2

Juan,
It sounds like loan # 2 is in second position and I will assume that it is loan #1 that is going to trustee sale. If that is the situation, then once loan #1 is sold at auction for less than the published bid then loan #2 is wiped out and need not be paid off by anyone.


#3

How about HOA fees on default? My condo is about to be auctioned in 2 days and the HOA is silent… It did not filed a lien and has not even send me monthly statements for a while… How can I ask them to ask / arrange to be paid with the investor in this auction?