Just bought a foreclosure in Illinois NEED HELP
I would like to say hello to everyone in this forum Im a newbie. I just purchased a foreclosure at a sheriffs sale. It was sold to me for 30,000.
It went in front of the court on the 31 of jul and Im now waiting for the sheriffs deed. Here is my question. Could I have purchased the second mortage on the property and there is still a first mortage on this property or once this goes to sale are all the lenders notified and whoever wants to persue their share are added to the starting bid price. I guess what im saying is once its sold at the sale is the deed clear and i am the owner of the property. Ive been looking at the illinois laws and they seem to say if i understand them once its sold at the sheriffs sale I own it with a clean title or deed. Please help if anyone knows. THANK YOU