- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
If a piece of property is going to the sheriffs sale
Posted on 1/12/21 at 8:41 pm
Posted on 1/12/21 at 8:41 pm
Can you pick it up for the unpaid principal or assume the debtor’s note? Or does the property have to go thru the sale?
Talking about Louisiana here. TIA
Talking about Louisiana here. TIA
4
Posted on 1/12/21 at 9:02 pm to tigerinthebueche
To get title to the property, it would have to go to sheriff sale. If it's a desirable property, there will be others there ready and willing to bid on it. If it's undesirable, the bank will buy it for the value of the note and then try to sell it quickly. You might be able to buy it from the bank.
Posted on 1/12/21 at 10:07 pm to tigerinthebueche
No. You don't have to assume the debtor's note. After the sheriff's sale you get the property free and clear of all encumbrances. If the mortgage holder wants to protect its interest, they can bid to buy the property for the amount of the mortgage. If someone bids higher, the lien holder gets paid off the top. If you are interested in assuming the note, you would have to make a deal with the debtor and creditor before the sheriff's sale.
Posted on 1/12/21 at 10:23 pm to tigerinthebueche
You can buy before the sale, at the sale, or after the sale.
Posted on 1/12/21 at 11:28 pm to tigerinthebueche
Is this s tax sale or a foreclosure. Different rules apply.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News