Home foreclosure and where does the bidding start?

Due to unfortunate circumstances my husband and I had to give up our family home. After trying to sell it, we were unable to in the time we needed to and had to let the home go into foreclosure.
What I would like to know is when a home goes to auction or a Sheriff’s Sale, what is the starting price? Is there guidelines as to where they can start the bidding as far as numbers go?

By | 2013-08-28T03:19:24+00:00 August 28th, 2013|Mortgages Home Loans Interest Rate|2 Comments

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  1. sunny_1_ August 28, 2013 at 4:37 AM - Reply

    If you had mortgage insurance it will become a HUD home. It usually takes about 3 months for a HUD home to come open for bids. As stated in another answer the asking price will be what is left on the mortgage. The bidding is open for 30 days and at the end of the 30 days the highest bid that is greater than 80% of the asking price wins the bid. If there are no bids that are at least 80% of the asking price the home is put on a daily bid list and will be sold to the highest bidder that meets the 80% rule.

  2. Alterfemego August 28, 2013 at 3:39 AM - Reply

    In most cases the lender bids on the home to recover the mortgage amount and fee’s associated with the foreclosure. It doesn’t mean that someone else can’t win the bid by going higher.

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