http://www.jjrealestatebg.com/usa-real-estate/home-foreclosure-and-where-does-the-bidding-start Pure Real Estate Fri, 27 Mar 2009 10:53:13 +0000 hourly 1 http://wordpress.org/?v=3.0.3 http://www.jjrealestatebg.com/usa-real-estate/home-foreclosure-and-where-does-the-bidding-start/comment-page-1#comment-786 sunny_1_ Thu, 15 Jan 2009 13:34:03 +0000 http://www.jjrealestatebg.com/usa-real-estate/home-foreclosure-and-where-does-the-bidding-start#comment-786 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. 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.

]]> http://www.jjrealestatebg.com/usa-real-estate/home-foreclosure-and-where-does-the-bidding-start/comment-page-1#comment-785 Alterfemego Wed, 14 Jan 2009 01:17:24 +0000 http://www.jjrealestatebg.com/usa-real-estate/home-foreclosure-and-where-does-the-bidding-start#comment-785 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. 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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