Look for potential warning signs that the seller is in financial trouble, such as delinquent accounts or a large amount of outstanding debt.

A Sheriff sale is a public auction held by the city to sell foreclosed homes to satisfy the payment of an outstanding mortgage forclosure, tax lien or tax sale.

It was few days till my date and the damn cousin had moved in but my tenant was gone.

The mortgage is due and payable as long as it is outstanding as a debt.

Then, balanced upon on the outstanding balance, does the bank recomputed a 15 year amortization at the new rate?

If its house flipping you're thinking of, then I will make ANOTHER plug here for J Scott's book on flipping houses, its DAMN GOOD!

Qualification is based on the front ration, housing expense and the back ratio housing with all other obligations outstanding with 6 months or more remaining to be paid. :)

A lot of outstanding HOA debt, and deferred maintenance can be real issues.In general, I went with SFRs, and still looked at the financials of the HOAs to make sure they weren't underwater.Anyway, feel free to hit me up for any more info or referrals.

In other words, are there any outstanding liens or encumbrances on the title that you will inherit along with the property?

You realize you'd have to pay off any other outstanding years before you can send it to the auction?