Mortgage company inside traders?

[boots902]

Our property (5-1/4 acres) was scheduled for a foreclosure sale/auction on July 24th. My husband and I were working furiously with aggressive realtors to sell prior to that date. We were in touch with the mortgage company (Option One) daily, trying to keep them informed of our efforts so that if the situation presented itself, we could delay or canceled the foreclosure sale.

The weekend prior to sale we met a serious out of state buyer who verbally agreed to the selling price, which was $75K over what we owed to mortgage company. We couldn't get a formal offer to mortgage company within the required 78 hours prior to sale and therefore could not get the sale date extended for the two weeks we requested so we could sell our land.

Here's my outrage at the mortgage company. I just found out that there were no bidders at the foreclosure sale. So I'm thinking that it is still feasible for us to sell the property. But, no.....Option One bought the land back and is now planning to resell it themselves.

Isn't that sort of like ''insider trading?'' We inform Option One that we had a serious buyer, the selling price agreed to and then they don't extend foreclosure deadline, buy it back themselves to sell for (I'm assuming) our asking price and profit. Is that legal?

Thank you in advance for your input...I'll sign off now because anything else I could add would just be me venting out my frustration about this whole shady affair...

 

[calalily]

You could consult an Estate Lawyer to see if you have any options. Also file a complaint with your state attorney general's office. be very specific in your complaint and have documentation in order. It takes a long time for AG to respond but if others have filed complaints against the company and they are investigated and found gulity per se' then you may be awarded some money in the end. It took three years for a complaint I filed (and I didn't hear anything the whole time) to be settled but the outcome and the fact the business did not get away with it was worth the wait.

 

[seniorjudge]

...

Here's my outrage at the mortgage company. I just found out that there were no bidders at the foreclosure sale. So I'm thinking that it is still feasible for us to sell the property. But, no.....Option One bought the land back and is now planning to resell it themselves.

....

The lenders were the only ones who showed up at the auction.

They bid on it.

They bought it.

You failed to get the money to them and what they did was 100% legal.

It's quite common in fact.

 

[seniorjudge]

You could consult an Estat Lawyer to see if you have any options. Also file a complaint with your state attorney general's office. be very specific in your complaint and have documentation in order. It takes a long time for AG to respond but if others have filed complaints against the company and they are investigated and found gulity per se' then you may be awarded some money in the end. It took three years for a complaint I filed (and I didn't hear anything the whole time) to be settled but the outcome and the fact the business did not get away with it was worth the wait.

Complaint about what?

The lenders did nothing wrong.:angel