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Updated over 6 years ago on . Most recent reply

User Stats

14
Posts
8
Votes
Andrew Sime
  • Mishawaka, IN
8
Votes |
14
Posts

Sheriff sale preparation - reading a title search

Andrew Sime
  • Mishawaka, IN
Posted

I am interested in a property being offered for Sheriff Sale in the future.  I am doing my due diligence to determine what I am getting into if I win the bid at the Sheriff Sale.   We ran a title search and I am reviewing the mortgage and judgements on the property

My question is, what items on the title search am I "inheriting" if I get the property at the sale?   The posted "judgement amount" on the Sheriff sale is $165k.  The original mortgage was for$119k. 

If I get the property will the mortgage and judgement both be wiped clean?

I attached an image of the actual title search.

On the title search there is the following:

1 Mortgage by Option One Mortgage/Wells Fargo for $119k

1 Judgment by Wells Fargo for $165k

1 Judgement from a Credit Bureau Collections for $779

1 Judgement from a Medical event for $692

2 State Tax Warrants for $417 and $60

Any advice, answers, or guidance are appreciated!

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