I am interested in a property to be mortgage auction-ed next week, doing a basic title search shows the husband of the owner,has a judgement against him since May 2008, in the amount of 12k, plus 7.25% interest. The house is mortgaged on 2005. I was wondering, if I buy this property at the county trustee auction next Tuesday, will I be responsible for this car judgement ? I was told buying mortgage auction will wipe out all junior liens, but tax lien and judgement are considered senior ? Is that true ?
Thanks a lot.
Property taxes are always senior, IRS taxes have a right of redemption, certain mechanics liens may have claims, pretty much everything else is wiped out. To be safe though you may want to have your local title co review the details.
I was told that on a judgement if one purchases a home for the amount of the judgement at auction that person is taking responsibility for the the loans attatched to it
LR - Your question is confusing. Are you thinking of buying a real property at a foreclosure sale under a mortgage? or buying something (a car?) at an execution sale under that judgment?
The judgment, even if it attached to the real property, is junior to the mortgage and would be wiped out by a foreclosure of the mortgage.