I was looking over data for a tax lien sale for Phiadelphia, PA. I noticed one property where it seems that someone got a single mortgage with a legal description containing several properties. One of those properties is being sold by the city due to missed real estate taxes.
I am curious to know what happens in this case when the new owner receives the deed. Would the bank go after them? Are they responsible for any or part of the mortgage (as it doesn't seem to be paid off)?
Real Estate Broker · San Diego, CA · Member since 2016 · 187 posts · 117 votes
2y
Good Question, I would imagine the lender will want to recover whatever percentage that home represents in the single mortgage. Talk to an attorney about this issue.