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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Offering Better Explanation, After More Thought.... Posted by SeanW on January 23, 2004 at 1:30 AM In Reply to: Bid Padding By Lender? posted by SeanW on January 22, 2004 at 6:55 PM I have to admit, I was starting to worry myself about this one... I was concerned that I was either being duped by the lender, or taking part in an unconscionable transaction. Then I remembered: Every foreclosure in N.C. is followed by a trustee's final account, which shows the dispersement of funds. I remember, upon examining this at my previous purchase, that I had been surprised just how much miscellaneous court cost there was. The lender actually got about $5000 less than I had expected, even though my projection of the opening bid was pretty close. Since the one I bid on yesterday was rental property, the LTV wasn't very large on the foreclosing trust deed. The lender would have been free to push every last penny onto the opening bid. Or, at least give it a shot. Basically, I've concluded that I shouldn't think about this too much. If there's anything squirrely in the dispersement of funds (overbid), it's going to show up in the final account. I'm just a third party-- it's not my concern. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : I have to admit, I was starting to worry myself about this one... I was concerned that I was either being duped by the lender, or taking part in an unconscionable transaction. : Then I remembered: Every foreclosure in N.C. is followed by a trustee's final account, which shows the dispersement of funds. I remember, upon examining this at my previous purchase, that I had been surprised just how much miscellaneous court cost there was. The lender actually got about $5000 less than I had expected, even though my projection of the opening bid was pretty close. : Since the one I bid on yesterday was rental property, the LTV wasn't very large on the foreclosing trust deed. The lender would have been free to push every last penny onto the opening bid. Or, at least give it a shot. : Basically, I've concluded that I shouldn't think about this too much. If there's anything squirrely in the dispersement of funds (overbid), it's going to show up in the final account. I'm just a third party-- it's not my concern. 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

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