In my case the bank did win in a foreclosure.
I received a loan from Interbay loan services to purchase a business which looked very profitable on paper.I found out within 3 months that it was a losing business but I was not smart enough to figure out that all my efforts to turn it around would fail.Interbay sold my loan to Bayview almost immediately and after making mortgage payments for the 3 months I could not keep up,the last payment was October 2005.
I kept letting the mortgage fall further behind while trying to refinance to get some working capital to keep the business going because the business did not make enough money to pay it.As each month passed my credit got worse,it started at 740 when I got the loan and is now at 504 almost 3 years later.
But in the meantime and back to June 2006. I received a foreclosure letter from the sheriff and then decided to give up and use my 6 month redemption period to sell the business and save the $100,000 down payment that I got from refinancing my house.
I found a very interested person to buy the business but after several futile months of trying to get the payoff from Bayview my redemption period expired.
In January of 2007 I found out that Bayview listed the business with a real estate agent from the agent, not from the bank.During the full year plus I had no contact with Bayview what so ever.The agent told me that Bayview would lease the business to me for half the original monthly payment.The final amount was not given to me until mid March. On April first I sent the agreed amount to the agent,without a formal lease agreement only to find out that he had sold the business to none other than the interested buyer that I had found 8 months earlier.
My original loan was for $279,000 and the business was listed and sold for $299,000 for a $20,000 plus my 3 payments of $10,000 profit.In the meantime my house is now getting close to foreclosure because I lost my $100,000 down payment and my credit is so bad that I cannot refinance again for years.
All of this could have been avoided if Bayview would have taken their head out of their butt and given me their payoff amount which amounted to $299,000.
It is too late for me and I will eventually get back on my feet but I want everybody out there to know my story and run from Bayview like a swarm of killer bees were after you.