All Forum Posts by: Sammy Pugh

Well, Joe from WA is correct. The bank bid on the secondary mortgage the week before and got the house back (although they did this improperly because they did not notice anyone or place legal ads and honestly I don't even think they held the auction but just made it up and took the house)
I won the bid on the primary lien and thus wiped out the secondary. Chase claims that they could still bid on the house thru the secondary but will choose not to do so. Not sure what they are talking about here. I consulted a couple lawyers and they tell me that I am OK and that even if challenged in the future I would have no problem. What made this situation so tedious was the fact that I was borrowing most of the money from a bank. This was a complex loan for them with many stipulations so i had to keep them happy (so they wouldn't back out on me) and try and meet eh trustee deadline. So everything is fine and I thank you guys for your insight. I do think the bank was trying to make some money here as they held the primary and secondary lein. Don't know why they didnt combine liens at the auction and get full amount back. And the same trustte company holding the auction for the same house in consecutive weeks. There was some shady dealings going on here but its over and I am happy. WV housing market is very stable so there are rarely foreclosures so chaos from volume is not an excuse. Anyway

I recently bought a foreclosure at auction. Paid the deposit required and signed contract with trustee that gave me 30 days to complete payment. It has been 28 days and I went to closing yesterday. My loan officer advised me that the house had been sold back to the bank 4 days ago. She was told that the secondary lein holder held an auction a week prior to the auction where I got the house. I have watched all legals ads and court postings since OCT 08 and i am sure if there was an auction it was not advertised. The funny thing is that the auction held prior to my auction was done by the same trustee company. Anyway a deed has been issued back to Chase bank. Trustee has 14000 of my deposit money and I dont have a house. They are claiming to be working it out but how do you work out that you gave a deed to someone else?? Should I give them time or hire a lawyer? My 30 days is up tomorrow and I'm afraid I will lose my money because of that contract I signed giving 30 days. ANY thoughts??