Yes, but - Posted by Eric -GA
Posted by Eric -GA on October 17, 2003 at 09:24:32:
Once a house is REO, the bank can sell it for whatever it wants, but, when a house sells at the courthouse steps, any money not needed to cover loan obligations, liens, etc. does eventually get back to the owner of the house. That applies in GA, at least.
Because that is the case, I’ve often wondered if, instead of going though all the hassle of buying a preforeclosure if, in a property with enough equity and no other liens, someone could just get the deed, let the house foreclose, knowing that it would get bid up at auction to more than the amount owed. Then just wait and collect your check. Anyone tried that??
Eric - GA