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 - Usin Your Implements: Bucket Loader - by Curtis Von Fange. Introduction: Dad was raised during the depression years of the thirties. As a kid he worked part time on a farm in Kansas doing many of the manual chores. Some of the more successful farmers of that day had a new time saving device called a tractor. It increased the farm productivity and, in general, made life easier because more work could be done with this 'mechanical beast'. My dad dreamed that some day he would have his own tractor with every implement he could get. When he rea
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