Help - Our Inherited Note is going to Sheriff Sale - what happens?
A few years ago we inherited some rentals & a few notes. One of the notes was in the foreclosure process. It is now scheduled to go to sheriff sale in a couple of weeks. The balance owed is around $100,000. We want to sell this because we don't want the hassle. We told attorney if we could get $25,000 for it then so be it. He tells me I have to send him a certified check for 20% of what we want to bid in our name.
I don't want to seem stupid to the attorney. And I don't care for this attorney anyway. But we inherited all this. Why do I send money to buy our own note back? If no one bids do we get our 20% back? Can someone explain. Thanks.