QUESTION
If the second mortgage forecloses but never sells, who owns the home?
Asked on Mar 20th, 2015 on Foreclosures - Arizona
More details to this question:
I have a home that 40k is owed and current, second is 30 and went into foreclosure. Payments were high so home went for auction but never sold, now I find out that first was brought current by second. I called my first mortgage and paints are current and only names that appear are ours (me and spouse). My question is, what happens now? Who owns the home? We're thinking of filing for bankruptcy any way so what will happen to that. He all the sudden is doing repairs to the home, and I just received a new payment book from first.
1 ANSWER
Bankruptcy Attorney serving Phoenix, AZ
at
Law Office of D. L. Drain, P.A.
Update Your Profile
In order for a lender to "go to foreclosure" there is a presumption that lender completed the foreclosure. If so, then the house sold. It may have gone back to the lender or to a third party. Call the trustee who conducted the trustee's sale in order to determine the current status. I hope this was helpful.
Answered on Mar 24th, 2015 at 2:15 PM