Trust Deed Cost
August 23rd, 2010 | 
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Question: If a house is purchased in a foreclosure auction, what happens to the other liens?
A neighbor's house is up for auction (foreclosure). The lender has a Deed of Trust, there's a lien for the plumber, and a Deed of Trust for some business loan. When the foreclosure auction happens, what happens to the business loan Deed of Trust and the plumber's lien?
I expect the auction price to be high enough to pay the lender's Deed of Trust but not enough to pay the plumber and the business loan Deed of Trust. Will those two then come to me to pay it off? If so, I must bid with those costs in mind.
Washington state
Answer: they will be released but when geting this home get a title policy for yourself as well
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