Buyers at Maine Foreclosure Sales face another Risk

While many Maine Bankrutpcy Cases are filed to stop or delay foreclosures, even buyers are foreclosure sales may find themselves in trouble if there were mistakes in the foreclosure process.  In a recent Massachusetts case, Francis J. BEVILACQUA vs. Pablo RODRIGUEZ , the Supreme Judicial Court found that a purchaser at a foreclosure sale did not have standing to bring a quiet title action to correct defects in the foreclosure conducted by the lender where the foreclosing lender had a defect in its mortgage assignment--a common problem among modern mortgages. 

There may be bargains in short sales and foreclosure sales, but buyer beware.  Foreclosure purchase and sale contracts usually offer no recourse or limited recourse to buyers.  We have identified numerous serious title errors in foreclosure sales and short sales. 

If you are considering buying at a short sale or foreclosure sale, do your home work.  That usually means getting title work done independently before bidding at the sale.  Contact me or Kerry Kimball at Maine Coast Title with any questions.