Supporting, Informing & Connecting People in Foreclosure

Bargain sale ? My house was sold for 42% below appraisal value ..something stinks here ?

My house was recently appraised [ 4 mo.ago ] at $188K. but Last Monday in auction it was sold for $ 79K. ..a

42% discount ..Wow !!

This morning Wednesday ...the guy who won the auction knocked on my door . He asked ...me ...what did I want to do with

the house. ? He in the business of flipping foreclosed properties , and has sold houses back to the foreclosed owners

many times...He sort of offered to sell it back to me . maybe at $100K... So he can make a profit of $ 21,000. on the

deal...!!!

" Disclaimer " this is a reality ....in full color ...LIVE from my Home....

I am giving out all this private information , so people in this Hamlet ..can learn , ...and be better prepared to deal with

these preying wolves circling around for more meat.... . I am learning as I go along for the ride ...too.

It would be a deal for me too. My loan had a balance of 140,000. and if I had the money ..this guy was offering it back for

100K. ....wow I just saved $40K. !! .... Free from my 1st.... and ....2nd mortgage ...great !!.

It's too good to be true..?? How the freak was my appraised home valued at $188K. .sold for $ 79K.....

What about a Deficiency judgment ??

What If I paid this guy $100K. and I saved $ 40K. ..but What if that freaking pretender banker comes after me for the

deficiency judgment ...??

$ 140K mortgage debt minus the sale amount $ 79K = ....$ 61K......" deficiency balance " ?

It wouldn't be such a bargain after all if this happened in real life .. 100K + 61K = .......$ 161K. ..my new cost .......

.I've read somewhere that the freaking bankster can't under-sale ..especially at a ....42 % below appraisal value .

I'll look into it and raise hell if I can to block the sale, or better yet sue them......we'll see....I'll inform you ..if I do...

But the game..... ain't over....till ...it's over...

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Comment by Luigie on March 1, 2010 at 12:18am: Thank you ACE ..I've read that Title Insurance Companies may go out of business ,when all the claims of fraudulant foreclosures start coming back to bite them. Like you wrote....they are starting to refuse to cover homes with a suspicious buyer/seller transaction's ...Liens that don't match , missing assignments, broken or no Chain of Title...etc..

Comment by Luigie on March 1, 2010 at 12:11am: Hello Monte thanks for your comments.
I ve read inmy Legal Blogs ..that Banks were not going after foreclosed home owners because the H.O. is always broke and often times Judgment proof. ( no assets ) . ..Someone is making Billions foreclosing homes ...It's my belief that the BIG banks already got paid back the original mortgage loan , plus the 30 times they re sold your promissory note...to investors. Then they insured the promissory note for 80 times its value ...with A.I.G. , credit default swaps,and too many to explain here. So the BIG banks not satisfied with all those zillions they made.... sell your mortgage to a debt buyer's collection agents ..who take you home , and resell it to make a few more bucks. How can you explain selling a 188K home for 79K with a mortgage loan balance of 140K ...when the Plaintiff's would not accept my offer of 100K a few months ago..??... strange ....transactions .... I am investigating ...

Comment by Monte on February 27, 2010 at 10:08pm: You always have to pay the difference to the mortgage company anyway of what the principal balance is minus the short sale cost. Just remember, lenders are in the business of making money not buying houses so of course, they will make you pay exorbitant amounts in interest and property insurance to almost 3x's the original price you borrowed. It sucks, but that is the way it goes.

Comment by Ace on February 25, 2010 at 7:28am: Stand Strong Luigi, Just remeber, 1 - Fraud in the Factum and 2 - Her in MA the insurance companies appear to be unwilling to insure any foreclosed home that may? be under securitization. Good Luck My Friend