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Updated over 3 years ago on . Most recent reply

Account Closed
  • Investor
29
Votes |
64
Posts

Desperately need advice on Auction property / Mortgage

Account Closed
  • Investor
Posted

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

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Tom Gimer
  • DMV
3,417
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3,467
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Tom Gimer
  • DMV
Replied

@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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Eastern Title & Settlement
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12 Reviews

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