Jim FL
Thanks for responding. I’m in Alabama. Since my 1st posting the Sheriff’s Office clerk told me that I would receive a Sheriff’s Deed granting me an interest in the property, and that whenever the property is sold, I would receive my money plus 12% interest. But she couldn’t tell me if I would receive the face amount of the lien, ($26K), or just my $208 investment, plus interest. And she couldn’t tell me if I could take steps to collect the debt. In the meantime, my attorney returned my earlier call, but said he would need to “research” the subject. (At his usual $175 hourly fee, I bet!) Anyway, I hope this additional info will help you to help me. Thanks again!
Randy
I attended a Sheriff’s Sale today. A $26K lien on a SFR in a good area did not sell for court costs of $208.40!!! The deputy told me I had until 4:00 today (CST) to buy the lien.
Assuming there is a 1st mtg on the property, is this type of lien worth buying? Or should I first try to determine through court house records if other encumbrances exist?
Also, If I invest the $208 and own the lien, can I foreclose?
Obviously I’ve never done this before, so any info and/or advise would be appreciated.
Randy
Posted by Jim FL on December 16, 2002 at 16:47:57:
Randy,
Where are you located?
Tell us that and it will help.
Each locale has its own set of rules, laws etc, so knowing “Where?” you are might get some help from someone who knows the process in your area.