 When buying a foreclosure at auction financed...
...80/20 and the foreclosure is on the 80 are u responsible for 20? To shed some light on what I am asking lets use an example.Person buys a house for 100,000. They take out two loans. One loan for 80,000 (80%) and the other one for 20,000 (20%) to avoid PMI. They fail to make their payments and the house is foreclosed on by the lender. When the house goes to auction at the courthouse, the foreclosure is on the 80,000 (80%) portion. Upon successful biding is the highest bidder now also responsible for the 20,000 (20%) portion or is it wiped clean after the foreclosure proceeding.
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