Foreclosure Auction Liens
What liens could potentially survive the foreclosure sale. Is it only government liens/judgements? I am assuming that the first position mortgage is foreclosing.
What liens could potentially survive the foreclosure sale. Is it only government liens/judgements? I am assuming that the first position mortgage is foreclosing.
For all intents and purposes - none, except for real estate taxes. That's the whole point of foreclosure - to rid the property of the liens so that it can have a brand new spanking life.
It is my understanding that all liens would be wiped out, the lien foreclosing would receive the funds as payment from the auction. At that point only property taxes would still be attached to that property.
I thought that homeowner association fees remained attached to the property also? Is this correct, or are they discharged also?
Compwhiz,
Does this mean that even IRS liens don't survive?
nothing kills the IRS! <IMG SRC="images/forum/smilies/icon_eek.gif"> except possibly time..[ Edited by jllaco on Date 02/11/2004 ]