My house is valued approx. at 230,000 and I owe 263,000. There is a house down the street up for auction starting at 25,000. My question is if there is anyway I can get a second mortgage approval amount so that I can make a bid at the auction and if (big if) I were to win the house at a bargin price (say 100,000), is there a way I can attempt to sell my current house and have the remaining owed (lets say I get a good sale price of 220,000, leaving me with 43,000 in the hole) and add that to the new mortgage of the new house (100,000 + 43,000 = 143,000). That would mean I get an equal valued house, but only owe 143,000 versus 263,000 if that makes since.