Newsflash: In California does the Second Mortgage Holder have priority to buy the property if the First Mortgage holder Forecloses?

The subject kind of says it all “In California does the Second Mortgage Holder have priority to buy the property if the First Mortgage holder Forecloses?”Here’s the story, I put in an accepted offer for the property from the current holder. However, they didn’t tell us that the price they were selling it at left the second mortgage holder VERY ($0.10 on the dollar) SHORT. The 2nd Mortgage holder wouldn’t accept this, and the deal fell through.I’ve tried dealing directly w/ the second holder, but that’s not going anywhere. So now, I’d like to try buying it from the first when they foreclose, which is imminent. I’ve heard that the 2nd holder plans to buy the property and then try and sell it for “full market”.So my question is, can I just get in a bidding war with the First holder? Or does the second holder have priority? And if so, what is the limit of their priority?Obviously, if it’s possible to do this, I’ll be hiring a real estate attorney to help w/ all this fun.

Read more at https://www.reddit.com/r/RealEstate/comments/6owf1h/in_california_does_the_second_mortgage_holder/?utm_source=ifttt

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