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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Expect the best once you've done your best research. Posted by Ron on November 11, 2001 at 3:02 PM In Reply to: Re: Expect the best once you've done your best research. posted by Ward-CA- on November 11, 2001 at 11:20 AM Just because you buy another’s property that’s encumbered with existing liens, that doesn’t automatically make you personally liable for the payment of such liens. Ward, I guess I'm a little confused here. Can you tell me a scenario where a buyer buys a property and somehow isn't responsible for the payment of one of the liens? Is that what you're saying? TIA Ron : : I am trying to purchase a home going to Sheriff Sale. The original mortgage was $52K, and the owner obtained a equity loan of $33K. The bank is now asking for the $52K plus lawyer fees and penalties via sheriff sale. If I purchase the home at sale, what happens to the secondary mortgage? If I purchase the home from the owner, can I do so with the secondary mortgage still in tact? Do I become responsible for this? The bank, as well as the lawyer representing the foreclosure and my lawyer can't find any information on the secondary loan... It's a mess. Do the 'little guys' ever win at the auctions? What can I expect...? Thank you ever so much! : =•=•=•=•=•=•=•=•=•=•=•= : Generally the foreclosure action of a senior lien will wipe off title any liens and interests junior to it. In the absence of a foreclosure however, the purchase of a property comes will all unpaid liens and interests attached. : Just because you buy another’s property that’s encumbered with existing liens, that doesn’t automatically make you personally liable for the payment of such liens. : If you’re trying to determine the existence of a particular you will have much greater success to look for it in the recorder’s office than any other office. : There are legions of us smart, and sometimes lucky pip-squeaks, who win at these auctions. So I would expect the best after taking all possible precautions and title research steps. Follow Ups: Re: Taking title subject to Ward-CA- 9:46 AM, 11/15/01 (0) Post a Followup: Name : E-Mail : Subject : Comments: : <i><b> Just because you buy another’s property that’s encumbered with existing liens, that doesn’t automatically make you personally liable for the payment of such liens. </b></i> : Ward, I guess I'm a little confused here. Can you tell me a scenario where a buyer buys a property and somehow isn't responsible for the payment of one of the liens? Is that what you're saying? : TIA : Ron : : : I am trying to purchase a home going to Sheriff Sale. The original mortgage was $52K, and the owner obtained a equity loan of $33K. The bank is now asking for the $52K plus lawyer fees and penalties via sheriff sale. If I purchase the home at sale, what happens to the secondary mortgage? If I purchase the home from the owner, can I do so with the secondary mortgage still in tact? Do I become responsible for this? The bank, as well as the lawyer representing the foreclosure and my lawyer can't find any information on the secondary loan... It's a mess. Do the 'little guys' ever win at the auctions? What can I expect...? Thank you ever so much! : : =•=•=•=•=•=•=•=•=•=•=•= : : Generally the foreclosure action of a senior lien will wipe off title any liens and interests junior to it. In the absence of a foreclosure however, the purchase of a property comes will all unpaid liens and interests attached. : : Just because you buy another’s property that’s encumbered with existing liens, that doesn’t automatically make you personally liable for the payment of such liens. : : If you’re trying to determine the existence of a particular you will have much greater success to look for it in the recorder’s office than any other office. : : There are legions of us smart, and sometimes lucky pip-squeaks, who win at these auctions. So I would expect the best after taking all possible precautions and title research steps. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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