Foreclosure University Forum

Avatar

Foreclosure auction procedures

by foreclosureuniversity ⌂ @, Wednesday, May 11, 2005, 13:48 (5062 days ago) @ ncleon

� What happens to the mortgage on the property once it is auctioned to a new
� owner> Does the owner resume the mortgage or does the new owner have to be
� approved>


When a property goes to the auction, the bidding starts out at the mortgage amount plus all the fees that come with foreclosure. If someone bids higher than that opening amount, all that money is applied to the existing mortgage to pay it off. Therefore, the higher bidder has to be pre-qualified or have that kind of money on hand to pay for that property. Usually you have to pay the high bid amount within 24 hours of the sale. All states vary.

--
Good Luck
ForeclosureUniversity.com


Complete thread:

 RSS Feed of thread

User Menu

Forum Search

 

Featured Product

foreclosure home study course
"The Investors Complete Foreclosure Home Study Course - Only $47"

Discover a Proven System for Buying Real Estate Foreclosures 30%, 40%, and 50% Below Market Value. Generate Huge Returns Using This Step-by-Step Foreclosure System.

Learn More - Click Here

Forum Statistics