Buying a second lien in New Jersey at Sheriffs Sale

[Benjamin Haberman]

Hello,

I am looking to purchase a second lien at a sheriffs sale in New Jersey. I researched the records and the first lien has also filed a lis pendens.  Original (first) lien was issued in 2003 for 30 years/set to mature in 2033 for $75 k. So knowing this, the $50 k second lien is appealing knowing that the first lien wont be that much and there is still about $100 k of equity in the property. I was just curious of a few things though and was hoping the BP community could help me out.

After bidding and winning on the second lien at the sheriffs sale, is it a simple process to get in touch with the first lien holder? I know right on the lis pendens doc there is contact info for the attorneys. But I wasnt sure if they were willing to talk to the public in general?

After I win the second lien do I technically have rights to the property at that point? 

Are there any attorneys out there that will walk investors like me through the process so I can thoroughly understand the process? I understand I can run title on the property prior to going to sheriffs sale, which I plan on doing. 

Thanks!

[Wayne Brooks]

@Benjamin Haberman If you are the successful bidder at the auction, yes….you own the property subject to the first mtg. (and any other liens that survive). You have a legal right, as a successor in title, the receive a pay off amount from the first, by law. Are they generally responsive on the first contact…no. You will have to follow up.