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Answers (2)
- Cathy Abboud, "cabboud"
- Contributions:13
I see that this is an old question and the property has sold since this time. The bank acquired the property and sold it for a higher price.
- Michael Emery, "MikeEmery"
- Contributions:7298
Although the property has recently been through foreclosure, the property is still in the redemption period where the owner can make good on the outstanding debt.
The 110k that was bid at auction was by the lender that holds the largest lien against the home. There could possibly be a second mortgage, or even tax liens that the homeowner is attempting to discharge by the sale of the home. Or the homeowner could be attempting to cash out equity in the property before the property is returned to the lender.
The homeowner has up to six months to redeem the property from the lender (and sell in this situation). If they are unable to pay the outstanding debt, the property will revert to the lender that paid $110,000. But there is no guarantee the property will then be marketed for $110,000.
The 110k that was bid at auction was by the lender that holds the largest lien against the home. There could possibly be a second mortgage, or even tax liens that the homeowner is attempting to discharge by the sale of the home. Or the homeowner could be attempting to cash out equity in the property before the property is returned to the lender.
The homeowner has up to six months to redeem the property from the lender (and sell in this situation). If they are unable to pay the outstanding debt, the property will revert to the lender that paid $110,000. But there is no guarantee the property will then be marketed for $110,000.
Why is 3554 Independence, New Hope being sold at $175 after a recent sheriff's sale for only $110?
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