When a foreclosure is filed, all liens should be listed on the foreclosure case. Any subsequent liens after the foreclosure filing would be wiped out. I am not an expert, but consult a real estate attorney when buying these properties. Also, using a reputable Title Company will ensure that your property is delivered with clear title.
There are properties with "polluted title." Read the contract carefully to make sure that you are not taking subject to any existing liens. Or at least you should have an adequate due diligence and attorney approval time with the contract to protect your interests.
When a foreclosure is filed, all liens should be listed on the foreclosure case. Any subsequent liens after the foreclosure filing would be wiped out. I am not an expert, but consult a real estate attorney when buying these properties. Also, using a reputable Title Company will ensure that your property is delivered with clear title.
There are properties with "polluted title." Read the contract carefully to make sure that you are not taking subject to any existing liens. Or at least you should have an adequate due diligence and attorney approval time with the contract to protect your interests.
Thanks a lot. I thought the debt stay with old owner, lien holders will divide whatever they can get. They should not follow new owner. I should probably ask a lawyer.
My understanding is that after the trustees sale, if the opening bid is not met, the loan company takes the property back as an REO (real estate owned) and all liens are wiped off the title.
You need to look into the type of hospital it is. If it happens to be a government--federal, state or county --hospital, those liens may not be wiped out. Government liens often survive foreclosure.