The path of Money?Foreclosure Question

[John Payne]

I ran across a bank owned property recently in my market, and I have somewhat of a random question about it.

For a title transfer using a Grant Deed of $0 (yes, zero dollars) from a state housing finance agency to a banking institution, where did the money go in the title transfer to the bank?

Quick History:

I'm looking at the title records, and I can surmise the owner went into bankruptcy and lost the house in 2015. The title transferred to the bankruptcy attorney's office for the NOD/NOT Sale for the amount of $220k in Fall 2015. In early Spring 2016, the property title transfered from the attorney's office to the California housing finance agency. Three months later, the housing finance agency executed a Grant Deed (non-market) to the banking institution for $0.

The foreclosure amount is $220k and was transferred the attorney's office and the then to the CA agency. When the agency executed the deed, $0 were a part of the transfer.

I've tried to look up the differences between these deeds, but nothing explains why no money would be transferred between the agency and the bank.