re: If a piece of property is going to the sheriffs sale

"Really? Who do you buy it from before the sale? The owner? It’s still subject to the sheriff sale. The bank? They don’t own it yet. You could buy the debt, but would still need the sheriff sale to get title in your name."
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Yes, you buy it from the owner if he's willing. The mortgage company will cancel the sale if paid off.

If at sale, the mortgagee will typically bid the back amount which may or may not include interest plus attorney costs. Sometimes they do not, they bid less so they don't have to deal with the costs to fix up, hold, and pay realtor fees.