Question Details

Cynde Thomas, Both Buyer and Seller in District of Columbia

How is the price for the 1st auction of a foreclosure established by the Lender?

Asked by Cynde Thomas, District of Columbia Fri Feb 13, 2009

Help the community by answering this question:

Answers

3
The "bid" amount at the trustee sale is determined by the lender's loan servicing company to include your principle balance, past due payments, accrued late charges, property taxes owed at the time of the sale, foreclosure attorney's fees and trustee's fees. There is an allowable cap on the amount an attorney and a trustee can charge based upon amount of your loan. It isn't a bad idea to check to see if this cap has been breached by over inflated costs. You can search the web for the calculation provided by your state in regards to these costs as well as other costs that may be allowable in the District of Columbia. Every state varies especially if a state is a judicial or non-judicial foreclosing state.

Hope that helps!

Diane Wheatley, Broker
diane@moveupproperties.com
(909) 981-5589
0 votes Thank Flag Link Fri Feb 13, 2009
Banks when taking possession of home take current mortgage amount, any insurance taxes payments paid on behalf of property owner, legal fees, auction fees, court filings, miscell. fees.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Fri Feb 13, 2009
It is usually determined by the balance(s) of the outstanding mortgage amount(s) due on the property at time of auction.
0 votes Thank Flag Link Fri Feb 13, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer