Sheriff sale question - Posted by Don-Nv
Posted by Don-Nv on June 09, 2000 at 14:04:47:
Since Nevada is a trust deed state with a non-judicial forclosure process I am quite familiar with the Trustee’s Sale procedures. But recently I came across a notice for a sheriff’s sale (not a common occurance out here). I gather that there has been a judgment against the homeowners.
Here’s my question: At a sheriff’s sale does the lender need to bid in order to protect their interests? In other words, what if I am the sucessful bidder. Am I now responsible for any and all leins? Since it’s not the lender forclosing I am a little confused about what leins stay and which ones are wiped out. I imagine that all state and federal taxes and sewer etc will stay, but what about the lenders interest?
By the way, thanks in advance to all who help my with this question. This forum is a great asset.