Affordable Housing Foreclosure
Posted by FP on December 21, 2008 at 10:47:33:
Scenario:
A afordable housing unit, (low income) is in foreclosure. Deed contains restriction as to who the property can be sold to as well as how much it can be sold for.
The foreclosing mortgage balance is approxometly 2 1/2 times the restricted sale price.
What is the maximum that this property can sell for at auction?
Can any bidder, unqualified as to income, take title to the property?
If deed goes back to the bank, what is the maximum they can sell it for?
Follow Ups:
- Re: Affordable Housing Foreclosure - NJD 12:24:19 12/21/08
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- Re: Affordable Housing Foreclosure - FP 14:19:47 12/21/08
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- Re: Affordable Housing Foreclosure - FP 14:19:47 12/21/08
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