All Forum Posts by: John Perry

80k

 That is correct. The first mortgage is as I'm reading it XXXBANKXXX TRUST COMPANY listed as plaintiff. The defendant is XXPOSSIBLE HEIRS, XXXX DEPARTMENT OF TAXATION, XXXX COUNTY TREASURER, and 2nd Mortgage. 

Yes. that is correct Property value (300K)

My bid $258K. Won and paid. Money was applied to 2nd mortgage + a few more tax liens. Those are wiped now. 

Now there is around ~$146K in excess "pending further order of the court". 

My main question is. What will happen with this $146K in excess. 

Will it be used to pay down the remaining debt for the 1st mortgage or will it be given the former owner/trust? The previous owner passed away 

The plaintiff in the court case is the original mortgage (1st mortgage) bank. 

I bid on what turned out to be a a 2nd mortgage in Ohio. The house is worth around $300k. I paid 258K at auction. Looking through the court records I can see that the 2nd mortgage was awarded ~100k. There are around ~145k in excess funds which I assume go to the owner not me or the existing debt. How bad is my damage. I don't have much cash left to pay the first mortgage, in fact I don't even know how much debt there is on the first.. 

IF anyone has any advice to minimize damage, or a contact to call please let me know. My primary concern is figuring out how much debt is left on the first. 

I don't believe I'll have access until the sale is confirmed which won't happen for at least 1 month. I can show outside pictures.

Yesterday I did something incredibly stupid. I was bidding on a house at a Sheriff's Sale online. During the auction I went to increase my bid and accidentally ended up bidding on the wrong house (I know baffling). Turns out there is no way to cancel an active bid.. After winning I immediately called the Sheriffs department and was told there wasn't a lot they could do. They gave me the number to the law firm representing the bankruptcy and I'm communicating with them now but.. From what I can see online the news will not be good..

I already made a $4000 deposit to gain the ability to bid, and this money is obviously now locked up. I've read that in many places failure to pay the full amount (usually in 30-90 days) will or may result in contempt of court. Any other options I should pursue? The deal wasn't that good either given the little research I did on the house after the fact. Seems like there is some potential that is mostly dependent on the interior condition, but I really don't want the headache. I've already accepted this nightmare, just hoping to reduce loses. Any Advice? 

Yesterday I did something incredibly stupid. I was bidding on a house at a Sheriff's Sale online. During the auction I went to increase my bid and accidentally ended up bidding on the wrong house (I know baffling). Turns out there is no way to cancel an active bid.. After winning I immediately called the Sheriffs department and was told there wasn't a lot they could do. They gave me the number to the law firm representing the bankruptcy and I'm communicating with them now but.. From what I can see online the news will not be good..

I already made a $4000 deposit to gain the ability to bid, and this money is obviously now locked up. I've read that in many places failure to pay the full amount (usually in 30-90 days) will or may result in contempt of court. Any other options I should pursue? The deal wasn't that good either given the little research I did on the house after the fact. Seems like there is some potential that is mostly dependent on the interior condition, but I really don't want the headache. I've already accepted this nightmare, just hoping to reduce loses.