Updated about 5 years ago on . Most recent reply
South Carolina Foreclosure process
Hi, this is my first post on the BP forums and I'm trying to get everything straight so I can bid in an upcoming courthouse auction. I've been told that I shouldn't worry about getting a title search on any of the houses because its been done and released with the list of foreclosures. In Spartanburg county, it seems the winning bidder pays 5% at the auction followed by a 20 day period when the full amount can be payed. This is when I get the title search done? I was told that pretty much everything is wiped out in the foreclosure process except IRS liens. So if the title search comes back saying there's a $50,000 tax lien on the property I can say the title is bad and get my money back?
I've also noticed that each house has the total debt due. Does this include all liens? I'm asking because I know one property mentioned it "may" have a lien upon it, but the amount wasn't included in the total debt.
The property is listed as:
The Bank
Plaintiff,
vs.
Owners Name, Credit Union, department of motor vehicles
defendant(s).
The lien mentioned is from a credit union for a car loan. Would this get wiped out as well?
Lots of questions but any help is appreciated.
Thanks