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    #1

    Foreclosure Liens

    Hi,

    I would like to bid on a home near me pretty soon at a foreclosure auction, but I am very confused about liens. If I bid $50,000 for the house and win who could I possibly owe money to besides just paying the guy at the courthouse? If the current owner has a mortgage would I owe anything on that? If he has IRS taxes? Or does the auction wipe out all of that?
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    #2
    i think that is best answered by an attorney. that situation can get very tricky and you want to protect yourself at all costs.
    Im not an attorney or a trustee. You cant trust me either though!

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      #3
      When you bid on a house at auction you pay 20% down at the day of the auction and the balance in 30 days.....

      You either get a loan, or pay cash......

      The person handling the auction has to guarantee you a clear title, free of liens, taxes etc.

      If this is done by a Trustee at an auction - the Trustee is responsible for all past debts.....

      But yes, you need to consult with an attorney regarding anything like this for your own safety.
      Minny

      "It's amazing the paths that our feet sometimes follow in life".

      My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different.

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