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Visitor
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?

 

Moderator
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
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
Posts: 12,952
Registered: ‎04-15-2011
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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.


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

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