judgment amount on a foreclosed home?
I am looking into purchasing a foreclosed home. i am having a title search done currently. If the home comes back showing say 160k worth of judgments on it because the previous owner got foreclosed on, am i responsible for paying that 160k? If i bid 160k for the home would that cover the judgment amount?
- Ryan MLv 71 decade agoFavorite Answer
It would cover the judgement, but that DOES NOT mean that the bank would sell it to you at that price. The sales price can be MUCH higher. The $160k might just be the amount that the bank is out because of the foreclosure, not the sales price.
- David ZLv 71 decade ago
if it has alread forelcosed it has clean title. you can pay $100k and be free and clear.
- wizjpLv 71 decade ago
Someone has to. If not the seller, it's yours.