Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.

Please help to interpret what happened during Sheriff Sale
I am embarassed to say I cannot answer one of my first time buyer's questions about a property. I am wondering if I could get some clarification from knowledgeable REO agents on what transpires during a Sheriff sale. Names and addresses have been changed to provide confidentiality, but the financial figures as shown in the tax records are true:
Property address: 123 Main Street
03/04/97 Property is owned by Happy Owners Trust, Mrs. Happy Owner Trustee, with a mortgage of        $47,450 held by Miscellaneous Mortgage Company.
04/01/05 Quit Claim Deed from Happy Owners Trust to Mr. April Fool, with new mortgage of $74,400  held by Let Us Be Your Mortgage Company.
01/13/09 Sheriff Sale to New Player Mortgage Company for $52,500
01/29/09 Judge of Ill Fated County Sheriff Deed to New Player Mortgage for $52,500
Question: What happened here? Was there a real auction sale whereby the New Player Mortgage Company actually bought something for a real dollar amount of $52,500, being it was something they already held the first mortgage lien on to begin with?
Question: Did New Player Mortgage Company have to pay a full $52,500 plus all the normal closing costs associated with an arm's length sale in the same amounts any other buyer ... more

__________________________________________________
Are you on The Rain? Grow Your Network!