Foreclosure Newbie Question - Legal Jargon (NC)
Trying to get started in REI, finally. I am attending a few auctions in my area in the next couple of weeks and had a question.
"this property is being sold subject to all taxes, special assessments, and prior liens or encumbrances of record and any recorded releases."
I understand I would have to pay up the taxes on it, but does this mean if I bid and won this property, I would be responsible for any mortgage the previous owner had?
If it was a tax deed sale, then any previous leins (less taxes) would NOT transfer right? Please enlighten and thanks!
What are you bidding on. 1st , 2nd, are their federal tax liens on the property.
you are responsible for any mortgage that was made before the foreclosing mortgage and federal tax liens have 180 day redemption period.
find out what is owed against property?