What does this real estate line mean?

Question

This property is a Notice of Default. This is the initial document filed by an attorney or trustee on behalf of the foreclosing lender that starts the foreclosure process. The estimated loan balance is $12196. Does this mean the house is for sale for the amount it shows.

Answer 1

Not necessarily. When a property is in notice of default, that means that the person paying the mortgage is late and most likely their mortgage is being called in. Usually the mortgage payer will have so many days to either pay off the mortgage or bring it due (in most cases banks or mortgage companies will allow you to pay the past due to bring the property out of foreclosure unless it becomes a pattern. Then they have the right to demand full payment of the outstanding balance).
If the property is foreclosed, it may be offered to bidders or other buyers at the foreclosure price.

Answer 2

NO, it means that the person who owns the property OWES this amount and has not paid it and they plan to file a foreclosure on the property. That DOES NOT mean that this is all that is owed on the property .. there may be 2,3 or more OTHER loans on the property in addition to this one..If there are 3 other loans BEFORE this one then if you wanted to purchase this property in foreclosure you would have to make good on the other 3 loans to own the property..

Answer 3

The amount of 12,196 is what the owner is behind in mortgage payments including late fees and other fees. The owner will need to come up w/ this amount to reinstate the loan, but this amount keeps going up as time goes by. If owner does not reinstate the loan in the time allowed the bank forecloses on the property.

Answer 4

No, it means to bring the loan current (called "cure the loan"), the owner (not you) will need to come up with $12,196.

Regards

Answer 5

I believe they are able to take the top bid for a property in this case.

Answer 6

Sounds like that is how much is owed.