Assignment prior to auction

[Curtis Cooper]

George,
I purchased a property at a auction last month. After taking possession I was getting bids in the property, FedEx delivered a signature required eviction notice from another bank. After researching title, the loan in which I bought (1st lien) was assigned to another bank just a few days before the auction. So I bought the lien from the first financial institution as recorded in deed records, but this lien was assigned prior to the auction. Who has right to the property? I should have a right to my money if not the property, correct?? What should I do in this case?

[Will Crozier]

Curtis,

What ended up happening with this issue?

[George Roddy, Jr.]

Curtis,

What ever happend? I'm curious.


In my opinion, if the lien was assigned prior to auction then the new lienholder would get the proceeds of the auction rather than they 1st lienholder. They sold the lien prior to auction, correct? It seems a little strange but as you know, most banks don't know what their left hand is doing most of the time.


George