All Forum Posts by: Matt W.

Chad, There is a 10 day upset bid period every time someone makes a higher bid. It’s actually been bid up 5 times in the past week so it is still up for grabs. I don’t know if the other bidders have any idea about the superior mortgage that will come with it. 

Thanks guys, I spoke to my attorney and the law firm handling the foreclosure and got basically the same answers.  Now the $100,000 question is how much of that mortgage balance remains?  I've spent hours on the phone with every department at WF Bank and they acknowledge the loan exists but won't tell me if they plan any action to collect it after the property sells or what the balance is.  I've been trying to scoop this place before it went to foreclosure and the older lady owner is long gone and moved away and I cannot track down her or any of her children.

My attorney says it might not be a problem until I try to sell or refinance and someone does a title search and sees this unsatisfied lien and will not loan against the property, which is a problem as I plan to BRRRR it.

Any tips on how I can find out that balance?  Thanks again!

Hello BP, 

I am a new investor in NC. I have been following a run down property I knew was headed to foreclosure for a few months.  I had an attorney do a title search and he determined that it was a $25k line of credit that originated December 2012 that caused the foreclosure.  However, there is an unsatisfied mortgage for $100k originated June 2006, and the remaining balance is unknown. 

The property "sold" on the courthouse steps this week for only $3000.  My attorney advised that whoever buys the house at auction will be liable for the remainder of the older $100k mortgage.  But I cannot find any case of this in my research and every investor I ask says that foreclosure eliminates all debt, with the exception of taxes.

I am confused and cannot get the attorney to call me back to clarify.  Anyone have any experience with a case like this?  I think the house could flip for close to $200k, so getting it free and clear for close to $3k seems too good to be true...?

Thanks, 

Matt