Re: Former owner buying house at trustee sale

In this particular case, the owner owed about 2.7 million on the 1st and about 400k on the 2nd. Both now BofA loans. He ended up buying the property at the auction for 1.405 (where we stopped) wiping OFF (not out) about 1.7 million in debt. His friend was the actual bidder at the auction, and he purchased in an entity that he is the manager of. I agree Kristine, I shouldnt say its hard to believe, but it bugs me when someone like this is able to put us taxpayers on the hook for 1.7 million.