Editor's note: With foreclosures on the rise in many parts of the country, Inman News examines the legal risks of investing in foreclosed properties at auction, describing the most common legal problems that arise and explaining how two investors had to fight in court to keep the property they purchased at auction after the former owner raised legal challenges. (See Part 1 and Part 2.) When Herman, the owner of the property my friend and I had purchased at a foreclosure auction, suddenly woke up and claimed he hadn't heard one word about the foreclosure action against him, we'd already paid almost $200,000 in cash for the property. We weren't allowed to enter the property while Herman made his legal arguments that essentially asked for a do-over of the entire foreclosure. All we...
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