Posted by JoeS on March 04, 2002 at 14:50:23:
The bank should go to whatever the mortgage amount is, plus their expenses. If no one else is there bidding, you probably get it for $1 over the banks bid.
What will the lender bid? - Posted by Mike
Posted by Mike on March 04, 2002 at 13:19:05:
I know a house that is going up for auction in a couple weeks, the lady owes about 33,000. If I go bid on the house how high will the lender bid on the house? Will they go all the way to 33,000 or do you think they will stop at a certain point before that? I am willing to go as high as 34,000, the bidding starts at 2/3 of the appraised value. Thanks for any help.