[D Redd]

...first mortgage will I have to payoff the 2nd mortgage? I recently found a house in North Carolina where the Bank was foreclosing on the Primary loan. And after doing research on the house (title search, appraisal, and inspection), I have to decided to bid on it at the upcoming foreclosure auction. My only concern is that while doing my research I found that the house has a 2nd mortgage that is not in foreclosure my question is If I win the bid will I I assume responsibility of the second Mortgage? Or will it be washed away because it is a Junior Lein?

[Angelica]

No. A first mortgage has priority over the second mortgage. Before the first mortgage holder can foreclose on the property, they have to notice the 2nd mortgage holder. The second mortgage holder than has the option if they want to step up and pay off the first mortgage holder and take priority. This rarely happens. the 2nd mortgage holder will be wiped out in the foreclosure.