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Prior to the auction or on the auction day can I offer the bank a settlement cash offer

Hi, While the bank about to foreclosure on my home - Prior to the auction or on the auction day - can I offer the bank a settlement cash offer ? Regards
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November 16 2013 - Mt Olive Township
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You can redeem your house prior to a foreclosure if you meet the banks requirements.  That is usually a clause written into mortgages.  Will they give you a cut rate price?  Probably not.  You need to discuss the options with the bank.

Up  until the actual foreclosure you still own your home.  For the bank to take it back they have to go through a legal process.  That usually includes a public auction.  Once the auction is concluded the highest bidder owns the house.  Usually the bank because they bid up to the total amount they are due.
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November 17 2013
sramiz

Two different conditions. Pre-foreclosure (prior to foreclosure ) the bank will bid to protect their interest and get control of the property.  The owner still has legal title until AFTER the auction.

Foreclosed  past tense.  ( the state of the property after the auction takes place)  Now the  bank owns it.  They may take less than what is owed. 

They won't take less before they own it.  It's not theirs to bargain with.
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November 17 2013
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Hi, bank would most likely bid my home because it is in a development. However I hear foreclosed homes sell for lower than market value. Regard
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November 17 2013
I agree, It's always best to consult an attorney first.
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November 17 2013
Ask you Attorney. Regards,
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November 16 2013
 
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