Posted by ScottE on April 07, 1999 at 22:02:03:
What state are you in? The rules vary from state to state. What is the total the house is worth?
The reason being, in some states there is a 2/3 rule at the Sheriff’s sale. This means that if it goes to the auction block the opening bid HAS to be 2/3 of the appraised value. So, since this may not make it such a good deal, you may want to get to the home owner before the sale.
Be careful for outstanding liens against the property. They can eat up that equity quickly!