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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Foreclosure aution while in contract of sale Posted by Gary Toni Ann on September 18, 2003 at 12:30 AM I am the buyer Hi HELP!!!!, Big Corps.at their finest. August 2003 I signed a contract with a seller for the purchase of property with a house in Greene County, NY. A few weeks after the contract signing,along with obtaining counsel, title searches, appraisals, engineers inspection,etc. I was informed the property was up for foreclosure and a closing must be sped up. The sellers attorney had notified the bank that the property was in contract and that the my (The buyer) mortgage was approved. My bank was awaiting the appraisal and title reports. The sellers bank assured the attorney that public auction would avoided pending the closing of the property. Friday Sep.5th 2003 I found out that the bank had held the public auction on Wed. Sept.3, 2003. A investment Co. who works with the bank bought the property, with plans to resell it for profit. I was never notified of the auction. The attorney contends that no mention was made to us of a pending auction, because the bank had assured him no auction would take place, due to the fact the property WAS in contract & my mortgage WAS approved and awaiting title & Appraisal for closing. I contacted local papers to find the auction notice. It was listed with the paper under the banks attorney name and had been in the paper for months prior to contract, up to week before the auction date. The auctoned property was listed under a wrong address. It turns out the address used was a old address from pre 2000's, not the 3 year old new address,on file with the Dept of Taxation and the county clerk. After contacting the US Postal service to verify that two addresses exsist representing two seperate and apart dwellings. They informed me that the address listed in the auction notice was in fact not the property address of the house in contract or in forclosure/auction. Sounds like false representation of the property. Well, any suggestions on how I might force the bank to honor my contract? What recourse do we have? We really want the house and have a lot of money already invested. Thanks, Gary Follow Ups: A foreclosure waits for no one... Ward-CA- 6:51 PM, 09/18/03 (1) Re: A foreclosure waits for no one... Gary Toni Ann 7:14 PM, 09/18/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : I am the buyer : Hi HELP!!!!, : Big Corps.at their finest. August 2003 I signed a contract with a seller for the purchase of property with a house in Greene County, NY. A few weeks after the contract signing,along with obtaining counsel, title searches, appraisals, engineers inspection,etc. I was informed the property was up for foreclosure and a closing must be sped up. : The sellers attorney had notified the bank that the property was in contract and that the my (The buyer) mortgage was approved. My bank was awaiting the appraisal and title reports. The sellers bank assured the attorney that public auction would avoided pending the closing of the property. : Friday Sep.5th 2003 I found out that the bank had held the public auction on Wed. Sept.3, 2003. A investment Co. who works with the bank bought the property, with plans to resell it for profit. I was never notified of the auction. The attorney contends that no mention was made to us of a pending auction, because the bank had assured him no auction would take place, due to the fact the property WAS in contract & my mortgage WAS approved and awaiting title & Appraisal for closing. : I contacted local papers to find the auction notice. It was listed with the paper under the banks attorney name and had been in the paper for months prior to contract, up to week before the auction date. The auctoned property was listed under a wrong address. It turns out the address used was a old address from pre 2000's, not the 3 year old new address,on file with the Dept of Taxation and the county clerk. : After contacting the US Postal service to verify that two addresses exsist representing two seperate and apart dwellings. They informed me that the address listed in the auction notice was in fact not the property address of the house in contract or in forclosure/auction. Sounds like false representation of the property. : Well, any suggestions on how I might force the bank to honor my contract? : What recourse do we have? : We really want the house and have a lot of money already invested. : Thanks, Gary Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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