Re: Will i get a judgement after the sale?

Posted by Julio Martinez-Clark on April 27, 2008 at 22:49:55:

In Reply to: Will i get a judgement after the sale? posted by Matt on April 27, 2008 at 19:24:37:

Matt,

What do you mean by " At the sheriff sale it went to another bank."? To my knowledge, banks
don't purchase residential properties at foreclosure sales.

What I think you mean is that at the sheriff's sale, since there were no bidders/buyers, the
original lender who initially signed a promissory note and a mortgage agreement with you sold
the note and the mortgage to another lender sometime before the foreclosure and that new
lender ended up foreclosing on the property since it's now the note and mortgage holder of
record. If this is what happened, then the lender will be paidoff after you sell the property to
your buyer during the redemption period.

I hope this helps,

Julio Martinez-Clark

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