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Old 12-05-2010, 01:03 PM
 
3 posts, read 5,450 times
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I'm interested to buy a property that will sell in 2 days at the Gwinnett Co, GA Courthouse. There are three liens on the property. 1st mortgage $160K, 2nd $40 and a judgment lien of $80k. The market value of the house is 200k. If I'm the highest bidder do I get a clear title of the property or I get stuck with the two junior liens as well?
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Old 12-05-2010, 07:29 PM
 
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Junior liens are generally cut off IF the most senior mortgage is foreclosed upon. Make sure the foreclosure is the first mortgage. Also, some judgment liens (i.e., tax liens) may be given special priority and may not be extinguished.
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Old 12-05-2010, 08:10 PM
 
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The property has a judgment lien for $110k from unpaid medical bills. So, I assume that lien will get extinguished at the foreclosure sale. Am I right?
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Originally Posted by techugagrad View Post
Junior liens are generally cut off IF the most senior mortgage is foreclosed upon. Make sure the foreclosure is the first mortgage. Also, some judgment liens (i.e., tax liens) may be given special priority and may not be extinguished.
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Old 12-09-2010, 10:02 PM
 
Location: Snellville, GA
468 posts, read 1,186,693 times
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I know it's past the auction date - did you bid? Did you win? What did you find out about the liens? It's always best to get a real estate attorney involved in 'tricky' situations. Typically, a foreclosure will eliminate liens, but better safe than sorry. Now, short sales - that's a whole nuther ballgame!
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