Sheriff Sale Lingo - Posted by Bert G
Posted by Bert G on May 19, 2000 at 21:22:01:
In perusing the two foreclosure sale notices in this week’s paper, one has something in it I’m not quite sure about:
“Gate City Bank, plaintif, VS John Doe, First National Bank, the Small Business Administration, and any person in posession, defendants”.
I figure John Doe is the guy who defaulted. Am I correct in assuming that First National and SBA would be subordinate leins that would be wiped out in this transaction??
Next question: Is there a comprehensive place on the net that tells everything you need to know about bidding at sheriff sales? I’ve never really considered it because they want all cash up front, but these properties looked pretty decent, and worth at least the amount of the outstanding debt.
Those of you who’ve done these things, is there any way to find out about the propertiy, etc? The notice does list the plaintif’s attourney.