senior lender foreclosing on junior lender
Submitted by khan.zaman on Wed, 08/13/2008 - 1:23am.
if a senior lender is foreclosing on a house which the junior lender has already forclosed on and currenly owns it via a trustee deed. what will happen to the junior lenders trustee deed once the house is forclosed on by the senior lender. will this trustee deed be wiped out since it is from a junior lender?
Comments:
Exactly right. Also note that if a 3rd party had bought the junior loan, they too would be wiped out by the senior loan's foreclosure.
thank you for the clarification.
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