Foreclosure
I am interested in buying a property at a sheriff's sale this month. Through a deed search I found that there are two mortgages on the property. The first lienholder initiated this foreclosure and is setting the upset bid. If I am the winning bidder will I be required to satisfy the junior lien in addition to my bid? Thank you.
Asked on 3/14/04, 7:29 pm
1 Answer from Attorneys
Gerald Hershenson
Law Office of Gerald M. Hershenson
Re: Foreclosure
In a sheriff sale of a first mortgage, the property is sold free and clear of subsequent liens. However, I suggest you seek legal counsel or you might find that you will have problems. There are many people who are expert bidders in these sales and the pitfalls are many. These are the type who you will face and will bid up the property. Gerald Hershenson 215-579-9390
Answered on 3/15/04, 9:22 am
