Asked by Bill Harv, Kapolei, HI • Wed Mar 4, 2009
What happens when an AOAO buys back their foreclosure at the auction for like, $1, and it's subject to $300K mort and only worth $250K? As I understand it the AOAO now owns the home (let's assume no right of redemption, or that it isn't exercised in 30 days). Does the AOAO now have to make those mort pymts? And if they don't, won't the mort co. foreclose on them?? Who gets stuck here? I'm confused!
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