2006-08-20 01:24:16 · 7 answers · asked by Lisa Holler 2 in Business & Finance ➔ Renting & Real Estate
A lender will normally only bid the approx amount owed on a loan. They are not in the business of owning property and would not out bid a potential buyer just to get the property. They will only outbid you if you are bidding lower than the amount owed on the loan and if thats the case, try contacting the lender before the sale and see if they will consider a "short sale". Thats when they accept less than is owed on a property to forego the foreclosue process which is very expensive.
2006-08-20 07:05:37 · answer #1 · answered by mrs_palmenator 1 · 0⤊ 0⤋
The statue you record lists 2 issues. the first paragraph (a) states that upon foreclosures of a sources it truly is used for both a unmarried relations or 2 relations abode on less than 2.5 acres of land the lender won't be able to come after yet another sources you personal and rigidity you to promote it to make up any huge difference owed. the 2d paragraph (b) is going into more beneficial ingredient to state that the lender can come after different sources you personal no matter if it truly is stumbled on that the abode dwindled in fee because of something you probably did, or did not do (say you broke each and every of the abode windows or you probably did not pay the heating bill which allowed the nice and cozy temperature to be close off which led to the pipes to freeze) then they are allowed to go back different sources you've. I poked around the area somewhat yet i did not see any recommendations to state if AZ enables deficiency judgments on all loans or not.
2016-11-05 05:29:04 · answer #2 · answered by ? 4 · 0⤊ 0⤋
They'll outbid you if your bid does not cover the amount owing on it. The mortgage company does not want the house.
2006-08-23 00:46:44 · answer #3 · answered by Barbwired 7 · 0⤊ 0⤋
They will bid based on the maximum amount owed on the mortgage. There would be no point in bidding more. The extra, over the mortgage, would go to the owner.
2006-08-20 01:31:34 · answer #4 · answered by regerugged 7 · 0⤊ 0⤋
that all depends on your bid,but i don`t think a mortgaga company would want to own a house.like why would they?
2006-08-20 01:31:38 · answer #5 · answered by julie 3 · 0⤊ 0⤋
they want their money back. your competition will be other bidders who think they can make money by reselling.
2006-08-20 01:37:08 · answer #6 · answered by zocko 5 · 0⤊ 0⤋
sometimes they do...
2006-08-20 01:29:58 · answer #7 · answered by CJ 4 · 0⤊ 0⤋