Re: foreclosure auction help
Posted by Julio Martinez-Clark on December 26, 2007 at 22:22:41:
In Reply to: foreclosure auction help
Posted by alison on December 26, 2007 at 21:38:01:
Hi Alison,
Sorry to hear about the unfortunate situation with your home. Yes, at the
foreclosure auction the bidding will start at the balance of the loan (plus
penalties, legal fees, and any advances such as taxes, etc) from the lender
foreclosing on the property. I infer by your post that you owe more than the
property is worth and that's the reason you are looking to do a short sale. If
this is the case, it's very likely that nobody at the auction will bid on the
home since it doesn't make sense for the majority of investors/buyers to buy
a property for more than what's worth.
The requirements for a deed in lieu vary per lender. You should call you
lender to find out how they work their process to receive a deed in lieu.
I hope this helps,
www.JulioMartinezClark.com
Follow Ups:
- Re: foreclosure auction help - Julio Martinez-Clark 08:48:01 12/30/07
(1)
- Re: foreclosure auction help - Henry_CA 12:37:51 12/27/07
(0)
