http://www.trulia.com/voices/Foreclosure/in_foreclosure_listed_at_but_shows_a_mortgage_o-65882en-ushttp://www.trulia.com/voices/profile/Real_Estate_Pro-Irvine_CA-253545/http://www.trulia.com/voices/profile/Real_Estate_Pro-Irvine_CA-253545/The $50,000 stated on foreclosure notice is probably the opening bid request. That could be foreclosure on the note secured by the 2nd deed of trust. If a person buys the 2nd out of foreclosure, he or she would take title subject to the first and senior lien holders. Let me know if you need other information. Harrison K. Long Realtor and broker Coldwell Banker Previews, Irvine, CA 949-854-7747 Check out The Best Property Search Web site in California www.BuyersExploreHomes.com hklong@cox.netSun, 02 Nov 2008 11:49:17 -0800http://www.trulia.com/voices/profile/Real_Estate_Pro-Carlsbad_CA-64536/http://www.trulia.com/voices/profile/Real_Estate_Pro-Carlsbad_CA-64536/Normally, a home won't be listed for significantly different than it's market value, so I'm wondering where you saw the $50,000 figure? If it is pre-foreclosure, meaning the owners are behind on their payments, but they still own the home, then it may be a short sale situation. The bank(s) are involved in the negotiations, and the home is usually sold for close to market value with the buyer paying cash or obtaining a new loan. If the home has been foreclosed, and is now owned by the bank, once again they try to sell it for close to market value, with cash buyers having an edge, and VA, CalVet, or FHA buyers at a disadvantage in the eyes of the bank that owns the home. In either case, the previous mortgage balance is not that relevant, other than a reference point for determining whether a short sale approval is likely or not. Call or email me if you would like more information about this calculation.Sun, 02 Nov 2008 08:12:15 -0800http://www.trulia.com/voices/profile/Real_Estate_Pro-New_Hampshire-193012/http://www.trulia.com/voices/profile/Real_Estate_Pro-New_Hampshire-193012/No, there are no assumable loans when it comes to foreclosures, the buyer pays the price the bank is asking and obtains their own financing. What the former owner owes or owed does not affect the buyer or the sales price, the sale sprice is set by using what the house is worth in todays market. i hope this helps.Sun, 02 Nov 2008 08:03:26 -0800http://www.trulia.com/voices/profile/Real_Estate_Pro-San_Diego_CA-196432/http://www.trulia.com/voices/profile/Real_Estate_Pro-San_Diego_CA-196432/The $50,000 is probably the amount past due with late charges, fees, etc. The $500,000 probably refers to the total mortgage owed. If it is pre-foreclosure it is a short sale and is negotiated by the agent with the lender to potentially accept less than a full payoff. The buyer does not assume the balance. I have 2 articles on short sales and foreclosures that may help answer more questions for you. Link on the home page. Good luck! Diane Conaway, RE/MAX United, (760) 749-2888Sun, 02 Nov 2008 07:25:21 -0800http://www.trulia.com/voices/profile/Real_Estate_Pro-Tucson_AZ-54382/http://www.trulia.com/voices/profile/Real_Estate_Pro-Tucson_AZ-54382/A buyer typically obtains financing from a source other than the lender that is selling the property. There are some lenders who finance their own foreclosures, but in those instances the financing is based upon market value of the property and new paperwork is drawn. Loan assumptions are uncommon in foreclosure financing.Sun, 02 Nov 2008 05:46:28 -0800