Supporting, Informing & Connecting People in Foreclosure
So my house went to sheriff sale and the lender bought it dirt cheap. I owed $61,000 to them, had an offer of $65,000, and they did not care and bought it at sheriff sale for $46,000. My realtor thinks they did that to break the 2nd mortgage on it. So what happens now? Will they come after me for the difference? Seems very shady that they can buy it themselves. Any info would be great, Thanks.
Bob, the banksters buy them back all the time...nothing new... they could come after you for a deficiency judgement on the amount of the difference.....only time will tell...
that means they didnt own it start an appeal
The auction can usually go two ways, a third party sale can occur, this is when an outside bidder purchases the property. The other and most common result of the auction is when the bank is the highest bidder. Once the bank becomes the legal owner of the property the file is sent to a REO company which than uses a Real Estate Broker to list the foreclosed property on the market.
Totally stupid that the lender would have to bid on the property.....to quote Jack Nicholson as the Joker..."This town needs an enema"