[needahome]

We were the high bidders at a foreclosure auction held back in Oct '10 by a law firm for BOA.
In the sale memo, that we signed, we were responsible for insuring the property that day, which we did. The only type of policy available was a nonrefundable 6 month policy at a cost
Of $1,000. We were bank approved for the sales amount. After 4 months of delays BOA could
Not provide the deed and related documents for the closing, and could not project how long it would take to produce the docs. Additional expenses that we incurred were appraiser at $435, HUD inspector $750, attorney fees for title search & related communications $1000. BOA did return our $5000 deposit. The sale memo we signed at the time of the auction stated BOA and the law firm of Harmon & Harmon would not be responsible for any expenses we incurred.
Do you think this was a Robo foreclosure? Has there been any action instituted by the banking comissioners regarding these shady dealings by the mortgage banks? Is there any protectiion for people like us that did everything right according to the agreement?

[excon]

Do you think this was a Robo foreclosure? Has there been any action instituted by the banking comissioners regarding these shady dealings by the mortgage banks? Is there any protectiion for people like us that did everything right according to the agreement?

Hello need:

You mention legal expenses, but did you have an attorney represent you through the entire process?? I'll bet not. You ask if there's protection for people like you, and there is, if you would have availed yourself of it. You didn't.

In my view, saying they're not responsible for your "expenses", doesn't really mean they aren't. When you go to the dry cleaners, he has signs up all over the place saying that he's not responsible for damage to your clothes... But, that's not true either.

excon