Possible Foreclosure Flop

[Amy S.]

So I've been going to the sheriff's sale for a while now and finally decided on a property I liked.  I did a title search online and came up with nothing, researched the neighborhood (it is very close to my own home) etc etc...anyhow, this morning went and placed my bid and WON! I felt pretty good about myself walking to the car. Now...I just got back to the office and started doing some research on what the next step is....I'm seeing some information online that says I could be waiting up to ONE YEAR if the home is occupied?? How can that be and is it true?

  That's the least of my worries because now I'm looking at the Sheriff's sale notice and I'm seeing several defendants...two of which are banks..one of the banks is Universal Savings(google search indicated they were out of business) and the other was Midland Funding(a CC debt collector) Am I going to be on the hook for those two secondary judgements? I thought if they weren't in first position they were dissolved in the foreclosure?

[Ron S.]

You didn't do that research before you bid? If there was a sheriff's sale, someone was owed money.