Foreclosure University Forum


Foreclosure auction procedures

by foreclosureuniversity ⌂ @, Wednesday, May 11, 2005, 13:48 (5121 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

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