Legal Question in Real Estate Law in Pennsylvania
sheriff's sale in pennsylvania
If a property doesn't receive a bid and is therefore not sold and the mortgage company chooses to reposess the property, does it have to pay off all judgments and liens prior to taking title?
Asked on 6/07/08, 3:12 pm
1 Answer from Attorneys
Miriam Jacobson
Retired from practice of law
Re: sheriff's sale in pennsylvania
Generally, if the mortgage company is foreclosing, and there are no other bids, it will make its minimum bid [that usually represents the remaining balance on the mortgage plus fees and costs of foreclossure] at the sheriff's sale and get ownership / legal title.
If the mortgage is a "first" mortgage on the property, any mortgages, judgments and other liens that became liens later [in time] will be wiped out by the sheriff's sale.
Answered on 6/07/08, 3:41 pm
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