View Single Post
  #9 ()
LoonryAnync : Anyone can stop paying a mortgage, then try and rebuy it at the Sheriff's sale. That's not illegal, nor even fraudulent. HOWEVER, the plan has a fundamental flaw. The first bidder at a sheriff's sale is the bank, and they will bid the full amount of the note due. They owe the money to...themselves...so there's no risk on their part. The bank then resells the property, unless someone bids more than the value of the note, which does happen.

  Reply With Quote
more..