The officer to whom a writ of execution is delivered, shall proceed immediately to levy the same upon the goods and chattels of the debtor; but if no goods and chattels can be found, the officer shall endorse on the writ of execution, “No goods,” and forthwith levy the writ of execution upon the lands and tenements of the debtor, which may be liable to satisfy the judgment; and if any of the lands and tenements of the debtor which may be liable shall be encumbered by a mortgage or any other lien or liens, such lands and tenements may be levied upon and appraised. If the appraisal reveals any equity in excess of such mortgage or liens, the lands and tenements may be sold, subject to such mortgage or liens, stated in the appraisal. If the appraisal reveals no equity, the lands and tenements of the debtor shall not be sold.