Judicial Foreclosure Auctions in Maryland
More than half the states allow judicial proceedings for a foreclosure. A lawsuit is brought by the lender ("mortgagee") against the borrower ("mortgagor") to acquire possession of the property (security). Like all lawsuits, it must start with a summons and complaint served on the borrower and any other parties with rights in the property. That is because all junior liens (second mortgage), including lease-hold tenancies, are wiped out if the foreclosure is successful. Superior liens include the IRS and property taxes. Those liens will survive a foreclosure sale.
Robert B. McArtor, Local Known REALTOR® and Auctioneer, owner of Advantage Real Estate Auction Sales, LLC. has been advising and representing Sellers and Buyers of Real Estate Sales for 16 years. If you have any questions concerning the Auction Method of Marketing or Buying at Auction, he can be reached by cell at 443-392-4833.
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