Google Answers: Starting a 2nd Mortgage Foreclosure

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Q: Starting a 2nd Mortgage Foreclosure ( No Answer, 0 Comments )

Question

Subject: Starting a 2nd Mortgage Foreclosure
Category: Miscellaneous
Asked by: fragrantgas-ga
List Price: $15.00

Posted: 17 Feb 2006 00:36 PST
Expires: 19 Mar 2006 00:36 PST
Question ID: 446845

I hold a 2nd mortgage on a condo for $35,000 that is secured by a Deed
of Trust and Promissory Note.  The note hasn't been paid in 3 months
and I'm about to start a foreclosure.  This condo is worth $400,000+
and the 1st mortgage is about $160,000, so I should be ok.  However,
I'm wondering what will happen if no one bids the amount I'm owed? 
Will I be delivered title and have the option to make payments on the
1st mortgage?  If so, how do I coordinate this with the 1st mortgage
lender?  How do I find out the account information, phone number,
etc.?

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