In Ohio and Iowa if you are the high bidder on anything at Sheriff's sale it is yours with a clear title/deed/abstract. Any lien holder has to protect themselves at the sale. Meaning they have to bid it up above what they are owed.
The proceeds are dispersed to the lien holders by the county after all taxes and sales costs have been paid. Then the first lien holder gets what they are owed and then the second lien holder etc. Then if there is anything left it will go to the owned. The sales happening now usually doesn't even pay the first mortgage off. So the first lien holder bids it up to what they are owed. If it goes higher then they are out of the bidding. It is then up to the next lien holder if they want to bid it higher or let it go. Most of the second lien holders are just out in the cold lately.
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Today's Featured Article - Listening to Your Tractor - by Curtis Von Fange. Years ago there was a TV show about a talking car. Unless you are from another planet, physically or otherwise, I don’t think our internal combustion buddies will talk and tell us their problems. But, on the other hand, there is a secret language that our mechanical companions readily do speak. It is an interesting form of communication that involves all the senses of the listener. In this series we are going to investigate and learn the basic rudimentary skills of understanding this lingo.
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