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IndyStar - On the block: Mortgage for Keystone Towers

Today's Indianapolis Star has a story about how the mortgagee for the local Keystone Towers complex is auctioning off its defaulted-upon loan as opposed to pursuing a foreclosure suit.  Click here for the article.  A lender's sale of a distressed loan (the assignment of the loan documents for a price) is not unusual, but doing so via an on-line auction is.  If you have experience or insight into this process, please email me or post a comment.  I'd like to learn a little more about the transaction, thanks.