Does a 2nd mortgage juinor lien get extinguished

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Does a 2nd mortgage juinor lien get extinguished

Home bought at public foreclosure
auction owner.. Morgagee clamied in
bankruptcy if tht matters

Asked on February 23, 2018 under Real Estate Law, Rhode Island

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

Yes, the foreclosure will extinguish all liens, including 2nd mortgages, HELOCs, and judgment liens (liens from the property owner having been sued). The debts remain, if they were not satisfied or paid off, but that's a concern for the prior owner, since he or she will remain liable on them; they do not become debts of the person purchasing the property in foreclosure and, as stated, the liens against the property itself were extinguished.


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