[quote=briansd1]The investors who bought at auction gambled and lost. Comes with the territory. No big deal.
A winning bid of $267,100 was made for Christenson’s property at public auction June 3, with unpaid debt and costs of $173,228, county records show. Court records show the first of two five-day notices to vacate the house were served June 4.
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patb, the scenario you are painting isn’t what happened here. No doubt the winning bidder thought he/she got a “good deal” on the courthouse steps as the property was located in an “upscale” neighborhood and had been owned by the mom for “decades.” (The older ‘hoods in Reno ARE/WERE “upscale.”) The new owner had to OVERBID on what was owed (in competition with other bidders) to obtain the trustees deed. The lender owed the $173,228 was paid in full. We don’t know if the balance went to a second trust deed lender or back to the “now dead” trustor(s).
We don’t know this but it’s very possible the son used the balance to pay a gambling debt. His life may have been threatened regarding his gambling debts and he was too ashamed to tell his mom they were being evicted.
