When buying a forclosure at auction what happens to the unpaid balance?
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Thread created 12-23-2012 by PRINTABLECOUPON
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You can find out if the property has liens on it by doing a title search against it. If you are lucky you can do this search online. If not, go to the county clerks office and someone there may be...
When buying a forclosure at auction what happens to the unpaid balance?
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Thread created 12-23-2012 by PRINTABLECOUPON
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Was looking thru foreclosure auctions and each of them say debt owed to lender is like 130k the house is expected to be sold at auction for 80-100k. What happens to the 30k? Bank eats it?
So...
When buying a forclosure at auction what happens to the unpaid balance?
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Thread created 12-23-2012 by PRINTABLECOUPON
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Depends on the state. In a non-recourse state the bank eats it. In a recourse state, the bank can sue the previous owner for the difference.
Also, if the previous owner had PMI insurance, the bank...
When buying a forclosure at auction what happens to the unpaid balance?
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Thread created 12-23-2012 by PRINTABLECOUPON
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Be careful. NEVER buy a house sight unseen through a foreclosure, even IF it seems like a "can't beat" deal via the listing. MANY people that get foreclosed on, take out their frustration on the bank...
When buying a forclosure at auction what happens to the unpaid balance?
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Thread created 12-23-2012 by PRINTABLECOUPON
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thanks
When buying a forclosure at auction what happens to the unpaid balance?
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Thread created 12-23-2012 by PRINTABLECOUPON
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10 Replies
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the offer you are submitting is for a short sale?
When buying a forclosure at auction what happens to the unpaid balance?
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Thread created 12-23-2012 by PRINTABLECOUPON
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exactly what I heard
When buying a forclosure at auction what happens to the unpaid balance?
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Thread created 12-23-2012 by PRINTABLECOUPON
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10 Replies
3,170 Views
If you are truly interested in buying an auction property, go once before you are actually interested in a specific property. This will help you get the feel and see what the process is before you...
When buying a forclosure at auction what happens to the unpaid balance?
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Thread created 12-23-2012 by PRINTABLECOUPON
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be careful of property with 2 or 3 liens as i was told you could just be bidding on 1 lien and not get the property at all.
When buying a forclosure at auction what happens to the unpaid balance?
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Thread created 12-23-2012 by PRINTABLECOUPON
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10 Replies
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Submitted an offer thru my realtor for one that is being foreclosed upon for 25k less than asking so we will see what happens.
Thanks for the answers.
When buying a forclosure at auction what happens to the unpaid balance?
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Thread created 12-23-2012 by PRINTABLECOUPON
0 Score
10 Replies
3,170 Views
I haven't had too much trouble with a property having multiple liens. Occasionally you will see a foreclosure by a secondary lien holder (say a HELOC or other some such) and in these cases the...
