What's the difference between a house sold at auction (county courthouse) vs. a foreclosure sale (advertised by local law firms)?
Is the winning bid final? Meaning are all liens wiped out? For example, a house has a first and second mortgage , 80k and 20k. Bank one forecloses and does a sale for its 80k. I win the bid at 80k...
what happens with the 20k? (Assuming the second bank does NOT show up to buy the 80k and then try to sell for 100k).
Thanks.
Is the winning bid final? Meaning are all liens wiped out? For example, a house has a first and second mortgage , 80k and 20k. Bank one forecloses and does a sale for its 80k. I win the bid at 80k...
what happens with the 20k? (Assuming the second bank does NOT show up to buy the 80k and then try to sell for 100k).
Thanks.