I went to a foreclosure auction once where a guy bought the note from a bank and foreclosed on himself. Brighter than me, he knew that the only way the holder of the second note could come out was to outbid him at the auction. Didn"t happen and the holder of the second got nothing, losing $40k.
Here, highest bidder gets the property, no matter what the bid. The holder of the first (who usually forecloses) needs to attend the sale to ensure that the sales price is higher than the loan. I"ve been in that position, ready to bid.
First the attorney and taxes are paid, then note holders, in order, until there"s no money left.
Sometimes it works out better to not make the loan current and go through foreclosure. Depends on how many claims there are on the property, or a gamble that the first claim will not want to own the property after the sale, preferring to take a loss.
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Today's Featured Article - Restoration Story: 1951 Farmall H - by The Red (John Fritz). I have been a collector of Farmall tractors since 1990 when I first obtained part of the family farm in Eastern Indiana. My current collection includes a 1938 F20, 1945 H, 1946 H, and the recently purchased 1951 H. This article will focus on what I encountered and what I did to bring the 1951 NEAR DEATH Farmall H back to life.
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