Legal Question in Real Estate Law in Pennsylvania

I am looking at buying a house for taxes. Taxes owed are around $3,000. I was told to research mortages, leins and judgements. In doing so there are no leins or judgements, but there is an extremely large mortage of about $77,000. The property with the house is only valued at around 30,000. The mortgage is through Bank One which is no longer in operation. Will I really have to take over the mortgage if I buy this property? How do I talk to the bank to see what they would want? I really really like this property and house. How do you buy houses for taxes if they have a mortgage? Who in the end owns most of our country?


Asked on 9/21/12, 3:05 pm

1 Answer from Attorneys
Sharmil McKee McKee Law Office

Yes, when you buy a property, you become responsible for all liens including any unsatisfied mortgage. however, a tax sale removes most liens, but the previous owner has 1 year to redeem the property. You should purchase title insurance if you can't afford to hire an attorney to clear your title.

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Answered on 10/22/12, 7:20 am


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