Sheriff's Refusal To Accept Gold, Silver As Payment For Winning Bids Results In The Filing Of 27 Protests Of Foreclosure Sales

In Northampton, Pennsylvania, The Morning Call reports:

• [A]t the Oct. 10 [foreclosure] sale, [bidder Michael] Proetto and colleagues Michael Reis of Bethlehem and Victor Balletta of Allentown would make unsuccessful bids ranging from $12,000 to more than $75,000 on nine properties [tendering bags of gold and silver as payment]. At the time, they declined to reveal their motives, and their bids left county officials scratching their heads.

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• Whatever their motives, the three returned last week to file 27 notices challenging the foreclosure sales, in which they lost bids to people using ''illegitimate paper'' money. ''[The other bidders] made an unlawful money bid in credit in opposition to my lawful money bid,'' Proetto wrote in nine challenges he made. ''I was the only lawful bidder and therefore the only bidder.''

• In other words, Proetto said earlier this week, his gold was the only valid money at the sale and the rest of the bids used ''worthless paper backed by nothing more than black ink.''

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• Assistant county solicitor Christopher Spadoni, who handles the sheriff's sales, said they may simply be opportunists. Most of the properties the men made unsuccessful bids on were bought by the banks holding the mortgages. By challenging the sales, the men could hold up the bank's ability to sell the property for up to two years, Spadoni said. ''A bank lawyer might just want to pay them to go away. Maybe they are smarter than we think,'' Spadoni said.(1)

For the rest of the story, see (sorry, link no longer available online) 3 men with gold confuse sheriff's sale (They say bidders' paper cash is 'illegitimate').

(1) Such an attempt to "squeeze" cash out of a winning bidder at a foreclosure sale is not unheard of. See Extortion Sting Results In Charges Against Maryland Man For Allegedly Trying To Squeeze $5K From Winning Bidder At Foreclosure Sale.