Buying a second lien in New Jersey at Sheriffs Sale
Hello,
I am looking to purchase a second lien at a sheriffs sale in New Jersey. I researched the records and the first lien has also filed a lis pendens. Original (first) lien was issued in 2003 for 30 years/set to mature in 2033 for $75 k. So knowing this, the $50 k second lien is appealing knowing that the first lien wont be that much and there is still about $100 k of equity in the property. I was just curious of a few things though and was hoping the BP community could help me out.
After bidding and winning on the second lien at the sheriffs sale, is it a simple process to get in touch with the first lien holder? I know right on the lis pendens doc there is contact info for the attorneys. But I wasnt sure if they were willing to talk to the public in general?
After I win the second lien do I technically have rights to the property at that point?
Are there any attorneys out there that will walk investors like me through the process so I can thoroughly understand the process? I understand I can run title on the property prior to going to sheriffs sale, which I plan on doing.
Thanks!