Foreclosure financing?

[Miriam Peck]

Want to purchase a home with 4 acres that is goining to be auctioned at county courthouse in May. It needs a new air conditioner, fixtures but not much else.

The county wants $5,000 down and the rest by 2 p.m the same day at the auction. The house was last on the market for $200,000. I was told the bank did not accept an offer for $180,000 and took it to foreclosure.

My question is how do I get alternative financing? We had a house flood in 2010 and the insurance did not pay. We paid on the house for 4 months because we have never been late on a mortgage and we hoped the insurance company would change it's miind after we sued. They didn't our house went into foreclosure in the mediation settlement they are supposed to take the foreclosure off husband's credit and it has not happened it. We got almost nothing.

We own a rental house and just want to purchase this one to live and die in:) We have been renting since 2010 for $1,500.

Any assistance or direction would be appreciated.

Miriam