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The prior owner used the the equity line, the new owner lost the home.
Yes, it happened !
An agent purchased a home and paid cash. The renter called the agent very upset and ask why she was not notified her that the home was sold.  Also news to the agent who owned the home ! 
The new owner wanted to view her purchase.........................
The agent contacted this person to find out what was going on.  She told the agent she purchased the home during a sheriff's sale of property and gave the agent the name of the attorney who handled the sale for the county....it gets better !
The attorney said he had sent out a registered letter (which the agent never got) but is not required to follow up on delivery, just to sent out a letter and had no interest in her dilemma.
After getting attorneys and title companies involved, it turns out the prior owner had a line of credit that was not in use and showed a zero balance when sold. After the sale, the prior owner took out thousands on this line of credit which should have been removed when the home sold.  No payment was made so the home went into foreclosure.  What a mess !
The situation has not ... more

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