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Old 11-17-2011, 07:23 AM
 
2 posts, read 1,658 times
Reputation: 10

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Hi I placed an upset bid on a property that was being foreclosed at a courthouse trustee auction. I did limited research prior to placing an upset bid on the property and did not realize that the property was being foreclosed because of outstanding Home Owner's Association dues which was not a senior lien on the property. There is a mortgage on the property for about 100k. Once I realized who was foreclosing I knew I made a mistake by placing an upset bid and not involving an attorney. The 10 day upset bid waiting period passed. It has been several days now and the Trustee has not made any attempt to contact me. I left a message for the Trustee to call me back but did not get any response. Luckily, total amount of the bid was less than 3k and deposit was less than 1k. This upset bid was placed in Forsyth County, NC. I would like to know, at this point what is my legal obligation? Is there any way to cancel the transaction and possibly getting the deposit money refunded? Can the Trustee come after me for the full bid amount? How likely would that be? Any other advice would be great. I know I made a stupid mistake which I won't repeat. Thank you.
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Old 11-17-2011, 09:42 AM
 
Location: Blue Ridge Mntns., NC
10,816 posts, read 15,122,738 times
Reputation: 9647
Quote:
Originally Posted by s3030 View Post
Hi I placed an upset bid on a property that was being foreclosed at a courthouse trustee auction. I did limited research prior to placing an upset bid on the property and did not realize that the property was being foreclosed because of outstanding Home Owner's Association dues which was not a senior lien on the property. There is a mortgage on the property for about 100k. Once I realized who was foreclosing I knew I made a mistake by placing an upset bid and not involving an attorney. The 10 day upset bid waiting period passed. It has been several days now and the Trustee has not made any attempt to contact me. I left a message for the Trustee to call me back but did not get any response. Luckily, total amount of the bid was less than 3k and deposit was less than 1k. This upset bid was placed in Forsyth County, NC. I would like to know, at this point what is my legal obligation? Is there any way to cancel the transaction and possibly getting the deposit money refunded? Can the Trustee come after me for the full bid amount? How likely would that be? Any other advice would be great. I know I made a stupid mistake which I won't repeat. Thank you.

Do a search onlinie via Martindale Hubbell. http://www.martindale.com/Products_a...w_Ratings.aspx It is a directory of all the best attorneys in the country and probably beyond. Look it up by Forsythe County and you can get their backgrounds and addresses etc. Otherwise, call the Clerk of the Court in Forsythe County and ask for a few names of the most active r/e attorneys.
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Old 11-17-2011, 02:46 PM
 
Location: Winston-Salem, NC
1,255 posts, read 2,104,088 times
Reputation: 624
OP, if you search, just make sure you spell Forsyth County correctly.


Just teasing, QuilterChick!
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Old 11-19-2011, 02:13 PM
 
Location: Blue Ridge Mntns., NC
10,816 posts, read 15,122,738 times
Reputation: 9647
Quote:
Originally Posted by emelvee View Post
OP, if you search, just make sure you spell Forsyth County correctly.


Just teasing, QuilterChick!
Ut oh .... that ole brain fog again.
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