auction sale and bankruptcy

[John Jiang]

Hi George,

I got a call yesterday from FCtrack.com telling me that the property I bought on 11/3 auction day is not valid since the previous owner filed the bankruptcy on 11/1. Do you know FCtrack.com? Should I trust this?

They told me they will fedex me the check in a week or two. Why do they hold my fund this long? Man, I am paying interets every day...

[George Roddy, Jr.]

John,

I have never heard of FCtrack.com. I went to their site and it seems a little fishy. I don't think it is fraud, but I would talk to the lender and say that I have been damaged due to their lack of communication and that they should have pulled the property from the auction list and ask for $2-5,000 to accept your money back. Otherwise, you will take them to court.

Its not the first time this has happened and most lenders will pay just to get the problem solved.


Good luck,

George

[John Jiang]

thank George for the reply! How to get the lender contact info? Are you refering to the mortgage lender? Who should I ask to talk? The only thing I have are the copy of trustee sale receipt and keys to the property. Do you think the FCtrack.com is a law firm? Looks like they sell foreclosure list as well.

I bought this property from trustee Cathy, should I give cathy a call? do you have her number?

The mortgage was from New York Bank.

[John Jiang]

Also, FCtrack.com told me that the owner filed the bankruptcy in Arizona, not in Texas. That was the reason they don't know this until later last week. Is this a good reason?

Should I get our money back first before suing? Who should I sue? Bank or FCtrack.com? Is small claim court good enough?

[Steve Smegner]

My opinion. I am not an attorney. I would think this would be considered a redemption and you are still eligible for expenses.