Maryland | Real Estate Law
Legal Question
Purchaser of a Foreclosure
On 01/19/05 I purchased a house at a foreclosure sale in Prince George’s County, Maryland. On 2/16/05 a legal notice was published by the Clerk of the Circuit Court ordering that the sale be ratified and confirmed unless cause to the contrary is shown on or before the March 21, 2005. The terms of sale state “In the event the sale is not ratified for any reason, the Purchaser’s sole remedy, at law or equity, is the return of the deposit without interest” and “In the event settlement is delayed for any reason, there shall be no abatement of interest”. I called the Trustee’s office last week and was told that the debtors in the case filed for bankruptcy after the foreclosure sale. Consequently, the court will not take action to ratify the sale pending action by the bankruptcy courts, which is likely to take several more months. I was told that the mortgage lender is seeking relief from the bankruptcy courts, but that motion is being handled by a different law firm so the foreclosure trustee could not tell me what was going on there. Am I entitled to a refund of my deposit now since the court can not issue the ratification order at this point or must I wait until the bankruptcy matter is resolved?
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Read More Answered By: Michelle Stawinski |
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