The property can not be sold
at foreclosure sale for less than two - thirds of the appraised fair market value.
All of this means that when you purchase a
property at a foreclosure auction for a very low price, it is probably that way for a reason.
Yes, in many instances you can file bankruptcy almost up to the minute before your house is scheduled to be
sold at a foreclosure auction.
If you're a buyer
looking at a foreclosure purchase, be certain you've evaluated the benefits and disadvantages of such a transaction first.
If your home sells
at foreclosure for more than what you owe, there is no deficiency and can therefore be no deficiency judgment.
To say we have seen everything there is to
see at foreclosure auctions would probably be an understatement.
If the bank refuses a short sale there's a chance that the real estate market in your area is strong and they believe they might get more
money at a foreclosure auction.
What is so sad about this is that the seller will usually be
at foreclosures door step without getting a successful short sale done.
In about half the states, the first mortgage can not come after you for the rest of the money — but in those states you have debt forgiveness
income at the foreclosure sale.
With that said, there are times when some basic due diligence is an important decision factor; for instance, when an investor is considering a property coming
online at a foreclosure auction.
This refers to homes that have been recovered by a foreclosure and didn't sell to another
party at the foreclosure auction.
They also get a deficiency judgment against the borrower for the difference between the loan balance plus costs and interest and what the lender got for the property
at the foreclosure sale.
Because of recent home price increases, properties are being
sold at foreclosure for more than the judgment.
In a foreclosure that takes place outside the context of a surrender, the borrower can end up owing the difference between the mortgage amount and the sale price the home
fetches at the foreclosure sale.
Hi George if the home is not bought
at foreclosure then you will typically see the home put back on the market by a Realtor.
One reason there are few
bidders at foreclosure sales is that it is next to impossible to get financing for such a property.
Within a very short period of time, you could be looking
at a foreclosure of your home, and ruined credit.
I'd really like to be enthusiastic about the announcement of a new federal investigatory task force looking
at the foreclosure crisis.
If the lender reports a negative balance, or deficiency, for the difference between the amount owed on the loan and the amount the lender
recovers at the foreclosure auction, the impact on credit is worse.
Then he also sold it at a third title company ten days later for — I don't remember the number, but he took a $ 45,000 down payment... And I found out later he had
partners at the foreclosure sale where he bought the property for $ 100,000, so he took like half a million dollars from people on a property that he had a net of $ 100,000 in.
A 200 point drop is more likely if you had a score over 750 - 800, but I suspect few people are in this scenario, as most people are looking
at foreclosure after maxing out credit cards and being late on other loans.
In the trial courts, the Glarum case is often mentioned by one or both
sides at a foreclosure summary judgment hearing and is familiar to most attorneys in the foreclosure practice area.
To begin to address this disparity, we will establish a program to ensure, over time, that all homeowners who can not afford a lawyer will be provided with legal assistance or
representation at foreclosure settlement appearances.
If
obtained at foreclosure sale, usually that indicates there either weren't any bidders or there wasn't a sufficient bid made that satisfied the bank or lien holder.
As opposed to buying
directly at a foreclosure sale, one advantage for an investor buying an REO is that you can get inside the property.
There were a handful of guys who thought bid
rigging at foreclosure auctions couldn't cost them more than $ 10k or 1 year in jail because they read the state law (CA civil code 2924), and then found themselves charged federally and screwed.
«The Sapir Organization's Alex Sapir agreed to pay $ 200 million for the hot but financially embattled Mondrian
Soho at a foreclosure auction today.
And because the majority of these are bank owned, any major leins were
cleared at foreclosure or preforeclosure....
For the second month in a row, a Veristone client found excellent
value at the foreclosure auction by securing two parcel for the price of one.