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Updated over 3 years ago on . Most recent reply
Desperately need advice on Auction property / Mortgage
Hey everyone!
Thank you in advance for helping me get out of this tough spot.
-Property was listed as a short sale prior to auction and under contract for 133k by someone else
-Bought a property at auction last week (HOA and tax liens) have until Friday to decide if I keep it
-Auction said I am responsible for all debts on property
-Selling agent said property has 250k mortgage even though its only worth 160
-Town doesn't have information on mortgage
-only mortgage I could find was started in 2006 (221k) and transferred banks in 2020
-Mortgage company says I'm not responsible for outstanding mortgage if there is one but couldn't find specific property
I have spoken to a lawyer and they aren't sure what to do, so I'm coming here humbly asking for any ideas or input
Most Popular Reply
![Tom Gimer's profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/887062/1695040967-avatar-tomg92.jpg?twic=v1/output=image/crop=300x300@0x0/cover=128x128&v=2)
@Account Closed I just meant that we need the State where the property is located... not the full address.
Yes, if this property is in your home state you (via a lien on the property which survives the foreclosure) will likely inherit the mortgage -- if you close.
- Tom Gimer
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