My husband and I planning on bidding on a property located in Ohio in a few weeks. The only probem is that the property has 5 leins on it. One is to the previous owner for about $2500, the second belonging to a bank is the largest at about $75,000, the third is to another mortgager about $8,000, the fourth is to a credit card company for about $1200, and the final is to the township for mowing.
Now this is my question, does a Sheriff sale whip put all this debt? Or would we become responsible for the leftover debt if we win the bidding?
I quess that we are lucky because we have been in the house and know its potential. Also, we have been is discussion with the current owner and she is trying to help us as much as possible as she is not interested in the property.
I am concerned that we are going to be stuck with a lot of debt if the bidding does not go high enough?
Also what about the back taxes and closeing cost?