Hello Foreclosure experts, please help a good friend of mine.
Some one I know well, has a winning bid at court house auction sale, and passed the upset bid period. Normally it would be a good thing, except that he was bidding on the second mortgage foreclosure and not aware of outstanding first mortgage because it seems the recorded deed-of-trust on first mortgage was different from the rest of the documents. So, basically title search was incomplete.
As far as I know he has to let it go his 5% deposit and not close the deal (he cannot take the deal because first mortgage is pretty high and numbers don't work out).
Is there any other options/ideas to save that 5% deposit and get back at least part of it?
Thanks a lot in advance from me and my friend.
- Sam
