Lender buying house

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Permalink Reply by 2 Pirates over 40 on January 5, 2012 at 8:57am

Bob, the banksters buy them back all the time...nothing new... they could come after you for a deficiency judgement on the amount of the difference.....only time will tell...

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Permalink Reply by saving my home in floridah on January 5, 2012 at 9:09pm

that means they didnt own it  start an appeal

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Permalink Reply by Bob on January 6, 2012 at 9:53am

The auction can usually go two ways, a third party sale can occur, this is when an outside bidder purchases the property.  The other and most common result of the auction is when the bank is the highest bidder.  Once the bank becomes the legal owner of the property the file is sent to a REO company which than uses a Real Estate Broker to list the foreclosed property on the market.

Totally stupid that the lender would have to bid on the property.....to quote Jack Nicholson as the Joker..."This town needs an enema"

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