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WINDFALL TO BANKS: Credit Bid Still Not Drawing Attention to Defective Fraudulent Foreclosures

Livinglies's Weblog

The only party that can make a credit bid (i.e., use the foreclosure judgment instead of paying cash) is one who is still a senior secured creditor as to the property being auctioned.

In my review of the results of many auctions it is apparent that a credit bid was submitted by a party relying upon a dubious claim as the actual creditor at the time the auction was held. The clerk is committing error when it accepts a credit bid from a party who is not the creditor.  The question is whether the right to attack the certificate of sale or the auction process is preserved when the homeowner has failed to object to the credit bid.

Get a consult! 202-838-6345

https://www.vcita.com/v/lendinglies to schedule CONSULT, leave message or make payments.
 
THIS ARTICLE IS NOT A LEGAL OPINION UPON WHICH YOU CAN RELY IN ANY INDIVIDUAL CASE. HIRE A…

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