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Updated over 10 years ago on . Most recent reply
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Need Clarification on purchasing at Sheriff sale
May seem like a basic question but wanted to verify...
If I were to purchase a home at a sheriff sale...as long as I purchase the "1st" mortgage on the home I am ok? (not including back taxes, mechanic liens, etc). Regardless if it has a "2nd" mortgage on it?
The big mistake to make as I understand it is to purchase a 2nd mortgage at a sheriff sale and being in second position on the property after the auction?
I would think that if the judgement amount on the home is higher than the ARV, for example the house has a judgment of 100k but only worth 90k this would be a good indication that the foreclosure has been brought on by the bank carrying the 1st mortgage on it?