D Failure of Purchaser to Pay
| Library | Foreclosures Guidebook (2017 Ed.) |
D. Failure of Purchaser to Pay
If the high bidder is someone other than the mortgagee, or if (for some unusual reason) the mortgagee is the high bidder for an amount that exceeds the balance due on the debt, the trustee will need to collect the sale price from the high bidder. If the high bidder fails or refuses to pay the trustee, the trustee could either sue the high bidder to collect, resume the sale as instructed by the trustee at the outset of the sale, or conduct a new sale. Stone v. Stone, 176...
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