InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Codes 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 60+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Lender's opening bid is a bid.... Posted by Ward-CA- on December 17, 2003 at 5:48 PM In Reply to: No bid=payment to Mgee? posted by jeff on December 17, 2003 at 12:47 AM : Minimum bid is set at $220k : Only lien on the property forecloses - this lien is for $100k : Only bid at auction is lienholder, which bids minimum. : Does this mean (i) the lienholder owns the property, and (ii) must pay the mortgagee $120k, which is the overbid? Or does that overbid (that is, distribution of excess) only apply when the bidder is other than the plaintiff/lienholder? : I searched for an answer in the database w/out any success - thank you in advance for your response. ================== Jeff, The opening bid at a foreclosure sale is the total amount owed the foreclosing lender. So if the minimum bid that was set was $220K then that is what was owed the lender. If no outside bidder topped the lender's opening bid then the lender gets title to the property for the amount of their opening bid. Hope this helps. Follow Ups: Re: Lender's opening bid is a bid.... jeff 6:35 AM, 12/18/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Minimum bid is set at $220k : : Only lien on the property forecloses - this lien is for $100k : : Only bid at auction is lienholder, which bids minimum. : : Does this mean (i) the lienholder owns the property, and (ii) must pay the mortgagee $120k, which is the overbid? Or does that overbid (that is, distribution of excess) only apply when the bidder is other than the plaintiff/lienholder? : : I searched for an answer in the database w/out any success - thank you in advance for your response. : ================== : Jeff, : The opening bid at a foreclosure sale is the total amount owed the foreclosing lender. So if the minimum bid that was set was $220K then that is what was owed the lender. : If no outside bidder topped the lender's opening bid then the lender gets title to the property for the amount of their opening bid. : Hope this helps. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-2003, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455