What Does This Mean? ...need Help!!!
there is a property, subject to unpaid taxes and other municipal liens. Mortgage from Owner as tenants by entireties to a mortgage company recorded 10/00 in Book *** ,page*** to secure the original sum of 670,000. The mortgage has instituted a foreclosure action on12/03, and assigned Dovket***. Mortgage from the owner to the bank recorded in book***,page*** t osecure the original sum of 125,000...As now the property is instituted an auction again for 105,000... ,together with the costs of sale.
Question1: What does those number mean?
question2: Does this mean the bank owner the property now?
Question3: When the bank own the property, does it usually mean that the title of the property is clean?
Queations4: "together with the costs of sale": what kind of costs should I consider?
What you've described seems to be the foreclosure of a second, or junior mortgage behind a fairly large first mortgage.
That could mean that the successful bidder at the Sheriff's Sale would own the property subject to any senior liens which could include a senior mortgage, property taxes, assessments, and IRS liens. The Plaintiff is seeking $105,000, plus sheriff's sale costs.
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