Belt Auction

What recourse is there against a person that foreclosed on an investment property then re-bought it at auction?

The person that owns the house behind me, who also happens to be a real estate agent bought the house as a spec/investment. When the market crashed she had a difficult time unloading it. It has been vacant for over a year and has recently been foreclosed on and sold at auction...to her (or a friend of hers)! Now she is renting it out with me and our other neighbors who were responsible in buying our homes, are left with lost equity of over $300K. Not to mention the fact that most of us are now underwater due to irresponsible people such as this woman. Do we have any recourse legal or otherwise?

Public Comments

1. You have no recourse. She has n ot harmed you. She is n ot the irresponsible person in this situation. She is being a good business person and looking out for herself. The irresponsible person is the one who agreed to make mortgage payments and did not keep their promise. Go in peace. And remember:-- Jesus loves you!!
2. I don't think so, since technically you haven't lost anything. You can't sue someone over the value of your house going down.
3. I dont see why. You can buy your own home at foreclosure. If you are really pissed let your home foreclose and buy it back like she did.
4. No recourse, she is not involved in any contracts with you, this is not really your business.
5. I wonder what makes you think that she owns the house again. Ok she lost it because she could not pay the payments. The bank would have a rep to bid on the house at auction so, she could not have brought it dirt cheap. Also most states have a rebid period say 10 days. That means that she or anyone else could put in a higher bid. But if she lost it how could she get another loan. She just might be the agent for a rental company. Check you county's records. The owner of the house it public information. Also the one house would not have caused your house to loss 300k.
6. You have no legal recourse. However, the bank will go after him for their loss and the IRS will tax him on it. He can't just walk away.
7. You could report her actions to the Dept of Real Estate. And call the District Attorney. At one time it was a crime for a licensed real estate agent to default on an FHA mortgage. That was 25 years ago and might not be true today. Or you could just shrug it off. Her credit it ruined by the foreclosure. I also have a feeling that she is not the current owner. She might be the agent for the buyer but she is probably not the registered owner..