I agree with you about having to forclose on the property, however Mr. Ackley did not have to sell it. Just because a property is forclosed on does not mean it has to be sold. Mr. Ackley could have simply kept it and made arrangements with the Berrys to keep them in the home. The title returns to the owner of the property, Mr. Ackley in this case. This is not hard to understand if you have any knowledge of real estate. Mr. Ackley did not have to sell the property to another investor. He could have easily refused the sell. He didn't. Sounds like he didn't want the property anymore.

bwr5000,
It sounds like you have the inside scoop on this situation. The fact is that Mr. Ackley did not HAVE to sell. No one forces a forclosure property to be sold if it is owned by a private party. That is a choice Mr. Ackley made on his own. He could have kept it and arranged an agreement with the Berrys. Did it actually go up for auction or was it sold before hand might be a question to ask someone. I agree with speechfree, make sure everything is in writing and cleared through a title company. I am sure Mr. Ackley took care of that prior to making an investment with Whitley, wouldn't you to protect your investment? Banks don't want the property, they want money. There is a difference.

If I am not mistaken, Mr.Ackley did not need to continue with his forclosure procedings. How did Mr. Ackley get involved to begin with? Is he an investor with Glen Whitley? Why didn't he offer to sell his house to the Berrys? Why did he allow another party to purchase it? I understand with a forclosure that the property gets returned to the financing company, or in this case Mr. Ackley. If Mr. Ackley wanted to help the Berrys why did he sell it? Mr.Whitley was unable to continue paying for the property therefore it was foreclosed.
I am relieved to know that the Carrera's did not lose their home and that Prosperity Bank is working with them.