Title on quitclaim deed during a tax sale

[Carlos Ruiz]

I entered a winning bid on an illinois tax sale and it will be a quitclaim deed for the property.

I've researched quitclaim deeds and it mentions that open loans don't follow the new borrower.

I believe this property has a 23k open loan that was issued in 2004 from a bank that was bought out from a different bank (info from online research).

Will I, as the new owner, be responsible for the 23k from previous owner before the county got ahold of it?

Title search is yet to be done but what do you guys think?

If so, what is the best way to negotiate that amount down? Even though that bank technically does not exist because it was bought.

Let me know what y'all think, thanks!

[Greg Scott]

I could quitclaim a property to you.  While the bank won't come after you for the mortgage, they could still come after the property and take it back from you.

It doesn't make sense to me that the tax foreclosure sale wouldn't wipe out the debt.  You should check into this more with a local attorney who knows local laws before putting a dime into it.