Foreclosure Auction by Sheriff Monmouth County, NJ

[Mina G.]

I'm considering going to a foreclosure auction in freehold township, NJ. I have a couple of questions:

It says that you must have 20% check of the total amount that you win the auction for.

and pay the rest within 30 days.

Does this mean I can pay using a mortgage loan for the remaining 80%? or it has to be cash/check?

Also another question. The property is currently listed as a short sale for $150,000 does this mean the auction price will be less than that? the owner owes 260,000 and according to the sheriff website it says that the usually lawyer will deny any final bid under what the home owner owes.