Sheriff's Sale in Texas
Howdy! I'm looking for info about how Sheriff's Sales work in Texas. My county has foreclosure auctions the first Tuesday of each month. The bank sends a trustee to conduct the sale.
Separately, from time to time there is a Sheriff's Sale of real estate, and those sales are to satisfy a judgment. They are NOT bank foreclosure sales, but often one party has won a lawsuit against the owner of the property and the Sheriff forces a sale.
My question is, what happens if the real estate is NOT paid off. If there is a mortgage against a home, and the Sheriff sells the property at auction, are you gaining only the owner's equity? Or does the Sheriff's Sale trump a bank mortgage? I thought that *only* tax sales would wipe out a mortgage.
Anyone have experience and care to enlighten me? Thanks!!!