buying at auction

[melvin_19071]

I am looking at going to a auction that the city is holding for a home that is behind on its property taxes. What happens if there is still a mortgage lien on the property from the current owner? Am i then taking his loan over if i win the bid? Any helpful information would be appreciated..

 

[seniorjudge]

Q: What happens if there is still a mortgage lien on the property from the current owner?

A: It's still there.


Q: Am i then taking his loan over if i win the bid?

A: Yes.


These are GENERAL rules.

If you are really interested in buying the place, have a title company run a report on it for you before the sale.