dc auction have a quick question
There is a property that is coming up in the auction. It is being foreclosed because the owner did not pay the condo fees total amount with legal fees is now $28K I found out he got a loan in 2005 for $385K to buy the property, it seems he didn't even put a down payment. I saw in the end of 2015 the lender assigned the deed to a trustee so to foreclose on the property and the amount is still showing $385K to be collected.
So in the past 11 years this guy didn't pay anything towards the the loan?? Can anyone explain how this can even be?