Sheriff Sale in New Jersey

5 Replies

Hello All, I am kind of new to the bigger pockets forum. Pardon me if any of my questions doesnt make sense.

I am interested to buy a sheriff sale property in Hudson county NJ. And here are my findings

First recorded mortgage is with Bank A for X amount and has earliest recorded date

And second mortgage is with Bank B for y amount and recorded date is after Bank A recorded date.

First mortgage ONLY got re financed by Bank C and has a new latest recording date.

Now Bank C is foreclosing the property, since Bank C has the latest recording date, if I bid and win this property, am i responsible for second mortgage amount, as the second mortgage BANk B recording date is earlier to Bank C ?

Little confused with these recording dates. I am trying to find a foreclosure attorney to discuss in detail but meanwhile can some BP experts throw some light.

Regards,

Look to see if the b loan signed a subornation, to allow the c loan to be in first position, even thought the c loan was after the b loan.  This is not an uncommon method used, to allow folks to refinance a mortgage.

Do a preliminary title search. Most likely bank C bought bank a and b's mortgages. I just bought a house from sheriff sale (last week) which had a similar circumstances.
Hope that helps!