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Updated about 1 year ago,
Sherriff's lien foreclosure....clarification on what the auction amt pays for.
I am bidding on a Sheriff's judicial lien foreclosure (in Washington state). The mortgage is NOT in foreclosure. I have read the following which confuses everything I thought I knew.
"a judgement lienholder can choose to foreclose on the home to get paid. But judgment lienholders rarely foreclose because it take effort and money to foreclose and, in most cases, the lienholder doesn't get anything out of the foreclosure sale because mortgages or other liens have priority"
I was under the impression that the winning bid amount would go to the judicial lien holder since that is what the Sheriff is holding the foreclosure for. The quoted statement above sounds to me like the winning bid would first go to the mortgage because it's superior to the lien, even though the mortgage is not in foreclosure?
Every time I think I've very clear on everything I read something that seems to say something completely different. Can someone clarify this for me, please. Thank you.