As far as the "appraisal" value, if you're looking at a value given by the Broward County Property appraiser's office, that is probably not what it is worth. Many times the property appraiser's value is significantly below market value. Sometimes the appraiser's value is above market value. What value did your listing agent think your house is worth?
Is there an "investor" with a lowball short sale offer price on your house? The lender will go ahead and foreclose if your contract price is too far below the market value the lender's appraisal came in at. Do you know what the BPO/Appraisal value was? Unfortunately there are some less than ethical listing agents and owners who are engaging in short sale fraud and ultimately it can seriously injure a seller if the house ends up getting foreclosed. A short sale or Deed in Lieu of Foreclosure will allow you to get another conventional mortgage much quicker than a foreclosure on your record.
It's possible if your offer on the table is within a reasonable range of market value that they will postpone the auction one again.
You need to call your lenders immediately to alert them that the house is slated for auction.
You need legal advice and if you can't afford it, you may be able to get pro bono help from your local Bar Association.
All the best,
Yes we tried short sale and couldn't sell the place. We did get an extension but bank's lawyers have so far not acted on it so we think it's a go, at least at the moment.
I was left with the impression that in the online auction no one can bid below what the plaintiff bid is and I keep seeing auctions won for $100, what's that about any idea?
Sorry to hear your house will be foreclosed on.
Just curious, did you try to sell with a short sale or offer the lender a Deed in Lieu of foreclosure?
The $190k is probably the total amount you owe including attorney fees and legal fees.Once the lender sells your house for about $80k to $90k (or whatever the current market value is), they will very likely get a judgement against you for their $100k loss and then attach your wages and seize any other property to collect their debt. Sorry to have to break the bad news.