Posted by William Bronchick on February 20, 2002 at 20:49:36:
It depends on the type of lien being foreclosed. A sheriff’s sale happens pursuant to a court order, usually for a judgment or other lien. Generally speaking the foreclosure of any lien wipes out all junior liens.
sheriff’s sales and multiple liens - Posted by Erin
Posted by Erin on February 19, 2002 at 13:37:29:
I have recently attended the sheriff’s auction and was unsure how that differs from a “foreclosure” auction from the bank. I have been told that all liens are still enforced on the property at the sheriff’s auction, but if the bank takes it back as an REO, all bank liens after the first get wiped out. Is this correct? I am getting many different opinions and don’t want to buy on someone’s incorrect statement. Thanks.