Posted by David on December 23, 1999 at 13:25:30:
In Reply to: Sheriff Sales.... posted by DeiDei (PA) on December 23, 1999 at 08:56:02:
Different states have different rules, call your sheriff to get the straight scoop.
1. here sheriff sales are for mortgage foreclosure, most of the time the mortgage holder becomes the new owner as a result of the sheriff sale. This is when the bank ACQUIRES the property not disposes of it.
2. subject to means that the mortgage is not wiped out. This would happen when the second mortgage holder is bring the foreclosure and the first mortgage is NOT wiped out.
3. at our sheriff sales the minimum bid is the foreclosing mortgage, any underlying mortgage if any, and certain fees.
4. our sheriff sale requires all cash that DAY!
5. there may or may not be living heirs, that makes it more difficult for the buyer if an heir can show that they were not notified, which is hard to do if they're UNKNOWN.
I don't even play an attorney on TV. Be careful out there. Happy Holidays and New Year.
David
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- Re: Sheriff Sales.... David Krulac 08:29:54 05/06/01 (0)
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