Profile picture for cobraguy2

FORECLOSURE ENCUMBRANCES

When buying a home at auction, I realize mech. liens federal tax liens etc, but what about the Existing Mortgage Balance? Is the lender puting property up for auction? Or is the County etc. auctioning for taxes????
  • August 07 - Hudson
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Answers (2)

Best Answer

Profile picture for Outer Banks N C
When you buy it the lien holders of the mortgage release those liens. if there are others attached to the house then you get those with the purchase, but the mortgage liens will be gone.
  • August 07
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Profile picture for cobraguy2
Thanks ! I appreciate your knowledge!
  • August 07
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