Interesting question (at least to me)
Hello,
I am complete newbie. I was reading BP for weeks and educating myself.
I am looking now for one foreclosing property here in OH and probably will try to buy it for rental purpose after rehab. it has an attractive $20k starting bid in $80-90k neighborhood.
As was recommended by many BP PROs I am working with a title company on title search already, but as I am education as well I am checking all available online documents about this case as well.
I found the Magistrate Decision doc where they mentioned that this First mortgage is foreclosing , BUT the City and State of Ohio department of Taxation figuring as a Defendant too and in decision is stated that City claimed "some rights, title, interest or lien upon to the premises, but that any right, title, interest , claim said Defendant MAY have is inferior and subsequent to the lien of Plaintiff "
As I understand that foreclose process will extinguish all those "inferior liens".
Am I right in my understanding?
There are no second mortgages or IRS liens or any lien recoded YET in the recorder's office.
I do have that document , but I do not know how to attach it here if possible.
Thanks beforehand