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jhegler
Posts: 3
Registered: ‎09-24-2012
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Foreclosure question! Need some help.

When our home was foreclosed on in 2006 it of course went up for auction.

I just checked the information with the Register of Deeds and found that it was auctioned and sold for $56,800.  But the high bidder was our mortgage company, who then sold the property to somone for over $88K.  Of course the 56K left us with a balance, but the 88K would have been more than what we owed.

 

Can they bid on an purchase a property they have already foreclosed on and taken?

 

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Shogun
Posts: 12,952
Registered: ‎04-15-2011
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Re: Foreclosure question! Need some help.

[ Edited ]

jhegler wrote:

When our home was foreclosed on in 2006 it of course went up for auction.

I just checked the information with the Register of Deeds and found that it was auctioned and sold for $56,800.  But the high bidder was our mortgage company, who then sold the property to somone for over $88K.  Of course the 56K left us with a balance, but the 88K would have been more than what we owed.

 

Can they bid on an purchase a property they have already foreclosed on and taken?

 


Who would they bid against if they were the ones that were selling it.  Looks like a paper thing to me.  What's the SOL for your state?  This looks pretty old.


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Visitor
jhegler
Posts: 3
Registered: ‎09-24-2012
0

Re: Foreclosure question! Need some help.

Shogun I dont' know what SOL is.   

The documents I pulled from the register of deeds said that it was auctioned by the trustee at the courthouse steps and was sold to 21st mortgage who was the high bidder.  They were our mortgage company.  I know that it is pretty old but it is still stopping us from purchasing a house now.

Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: Foreclosure question! Need some help.

Hello jhegler and welcome to the forums.   This link will list some of the common abbreviations and terms used here.

 

http://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/td-p/88458

 

First you will need to know the DOFD of your mortgage.  This will tell you exactly how old it is and how long it can report.


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