Legal Question in Real Estate Law in Illinois
Sheriff Sale Risks
If all junior liens are extinguished through the foreclosure procedure, and the mortgagee's attorneys have conducted the minutes of foreclosure, is there a real-world scenerio where another lien can appear after the sale and effect the winning bidders new purchase?
Isnt it the mortgagee's attorneys duty to provide a clear and marketable title for sale at the auction?
I've spoken to a couple of attorneys and have read numerous foreclosure books, but i'm receiving mixed opinions on the matter.
The attorneys i spoke to said a title search wasnt necessary, but the literature i've read states the opposite. As you can imagine, getting title searches for every possible bid can get expensive.
Thank you all for your replies. JR
1 Answer from Attorneys
Re: Sheriff Sale Risks
Liens can certainly be missed in the foreclosure attorney's title search. The title search is only as good as the individual doing it, and not surprisingly, some foreclosure attorneys try to find the cheapest available instead of the best. If liens are not included in the foreclosure, they are still valid. I recommend to all my foreclosure purchase clients that we do a title search. Title searches are not that expensive compared to the risk of outstanding liens. All it takes is one big judgment lien to make all those title searches worthwhile.
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