Posted on: 20th Jan, 2009 10:00 am
I am looking at purchasing a home from a tax forclosure auction, my question is: This house was forclosured on the owners and the bank took it over and now the bank is going to lose the property to a tax foreclosure. Is the mortgage on the previous owners going to effect the title at the auction? How do I get a clean title for the property after purchase?
Hi jacq
The mortgage on the property will be still there though the bank loses the property to a tax foreclosure. You can speak to the earlier owner and check with them if they can pay off the mortgage. If they cannot pay the mortgage and you buy the property, then you will be liable to pay off the mortgage. If you don't then the title of the property will not be free and clear.
Thanks.
The mortgage on the property will be still there though the bank loses the property to a tax foreclosure. You can speak to the earlier owner and check with them if they can pay off the mortgage. If they cannot pay the mortgage and you buy the property, then you will be liable to pay off the mortgage. If you don't then the title of the property will not be free and clear.
Thanks.