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Updated almost 9 years ago,
Auction and judgement question and advice
I am looking at a home in South Dakota that is coming up for auction. The mortgage amount is less than 20K, homes in that neighborhood are around 120k on the low end, 160 on the high end. Its a one owner built in 1989. Owner took a mortgage (2nd??) in 2004 for 40k and still owes about half. Had some financial issues around 2013 by the looks of it. The question I have is there is about 17K against the owners in the civil and small claims courts, 15 K to a bank (Discover), 2k to a local business and 300 to a local business. There is 5k in back property taxes, I am ok with covering that If am responsible if the house goes for a low enough amount. If I buy the property at the auction will I be responsible for those other judgments? Also SD is a judicial state and the owner has 180 days to file back to claim it. If I end up winning the auction and paying the property tax will they have to cover the cost of the back taxes as well or just the price that the house was sold at for the auction?
Any help would be appreciated.