tax forecloser auction question - Posted by Odeney

Posted by Ben (NJ) on May 20, 2000 at 17:59:31:

As a junior lienholder the mortgage will be cut off (extinguished) by the foreclosure sale. (make sure you are talking about a sale of the deed versus the sale of a tax sale certificate) most mortgage holders will step up and pay the lien off before it goes this far
unless there is far too much senior debt to make it worthwhile. To find out if there is amortgage you can use First American Real Estate Services (fares)information or get a title report or look it up yourself at the courthouse.

tax forecloser auction question - Posted by Odeney

Posted by Odeney on May 20, 2000 at 16:15:14:

Hi,

I am new at this so this may be a crazy question.
If there is a property with a current mortgage and the city forecloses for taxes and sells the property. Who then is responsible for the mortgage? I am sure the mortgage company would not like to just pass that up.
Can the purchaser then be held accountable for the balance of the mortgage?

My follow-up question is how do I find out if there is a mortgage on a property before the auction.