Buying a Home Foreclosures Legal News:Can homeowner upset foreclosure sale to a speculator?: 6/ 25/ 2005

Can homeowner upset foreclosure sale to a speculator?: 6/ 25/ 2005: "Can homeowner upset foreclosure sale to a speculator?
By Robert J. Bruss, Inman News

Miguel and Maria Melandrez bought their home with the help of a mortgage from nationwide lender Washington Mutual (WaMu). But they defaulted on their loan payments. The total unpaid amount due was $4,266.
After several months of receiving no payments, WaMu began foreclosure. Before the foreclosure sale was held, Miguel contacted WaMu and agreed to make a partial payment before the foreclosure sale date.
WaMu postponed the foreclosure sale. But Miguel failed to make the orally agreed payments.
The foreclosure sale was held. There were four bidders. WaMu bid $76,000, the amount of its unpaid mortgage. But the home ultimately sold for $197,100 to Dominic Ip, a licensed real estate broker. Ip, an experienced foreclosure sale buyer, had not "

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