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Updated about 6 years ago,
Sheriff's Sale in Texas
Howdy! I'm looking for info about how Sheriff's Sales work in Texas. My county has foreclosure auctions the first Tuesday of each month. The bank sends a trustee to conduct the sale.
Separately, from time to time there is a Sheriff's Sale of real estate, and those sales are to satisfy a judgment. They are NOT bank foreclosure sales, but often one party has won a lawsuit against the owner of the property and the Sheriff forces a sale.
My question is, what happens if the real estate is NOT paid off. If there is a mortgage against a home, and the Sheriff sells the property at auction, are you gaining only the owner's equity? Or does the Sheriff's Sale trump a bank mortgage? I thought that *only* tax sales would wipe out a mortgage.
Anyone have experience and care to enlighten me? Thanks!!!