2007-07-02 10:27:26 · 3 answers · asked by pam8533 1 in Business & Finance ➔ Renting & Real Estate
House will be sold most likely at auction, the lien holders will be paid, next the creditors, and the bank what is left due on the loan will be owed by you. and will remain on your credit report for 10 years.
2007-07-02 12:03:31 · answer #1 · answered by Pengy 7 · 0⤊ 0⤋
yes
The borrowers have given a security interest in the property and placed a lien ... State tax liens will be released following the foreclosure sale.
Who gets the money when the house is sold at auction?
First, all real estate taxes are paid. Then first, second, third etc, mortgages are paid. Next comes any lien holders or attaching creditors. Finally, you'll get any money left over after all debts are satisfied.
2007-07-02 10:29:21 · answer #2 · answered by Anonymous · 0⤊ 0⤋
No. you'll need to work that out with the lienholder. If you buy the property without dealing with that issue, you'll inherit it. Congratulations.
2007-07-02 10:34:33 · answer #3 · answered by Answerer 7 · 0⤊ 0⤋