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Legal Precedent

Posted by Joseph on September 29, 2006 at 6:34 AM

In Reply to: Lender's Opening Bid posted by Dan on September 28, 2006 at 11:36 PM

Ward should be able to give you chapter & verse if you want, but lenders usually start the bidding at 70% of the equity after taxes and holding costs because there is legal precedent that the lender is liable for not protecting the homeowner's interest at a lesser %.


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