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: The Home Equity Theft Reporter

Novice Auction Sale Bidder Fails In Conducting Due Diligence; Winds Up Holding The Bag, Spending $120K+ For Worthless Foreclosure

By r morris

In Boulder Creek, California, the Santa Cruz Sentinel reports:Roberta and Randall Strand thought they were getting a great deal on a foreclosure and helping their daughter and future son-in-law become homeowners. Instead they are holding a worthless second mortgage. The home they bought for just under $98,000 and fixed up for $25,000 is scheduled for a foreclosure auction [...] to satisfy a debt

Full post as published by The Home Equity Theft Reporter on July 22, 2010 (boomark / email).