All Forum Posts by: Jimmy Hong

The reason for not paying the monthly payment to the bank was he sold it under the table to someone that failed to pay but the property is still under his name.

I relative of mine has been having financial difficulties since the fall of the Lehmen Brothers and AIG and has a property that hasn't been paid off. The bank foreclosed and auctioned the property away for $130,000.00. The thing is my relative bought that property for $500,000.00 and the bank hired an appraiser who valued the property at $300,000.00 - $400,000.00. Now they are suing for the remainder of the balance. Is there anything he can do?

PS. He had a friend of his that was willing to buy the property and pay off all the taxes and such but the bank declined.