InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Code References 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 70+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map About Us Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Zero Average Posted by Bill H on October 05, 2006 at 8:57 AM In Reply to: Zero Average posted by Joseph on October 05, 2006 at 6:37 AM : Potentially foreclosed homeowners rarely have any equity in the homes after selling expenses, or otherwise more would sell to avoid foreclosure. That aside, lenders can tact on considerable legal fees to the loan balance. If a lender was required to not accept less than the amount owed, their batting average at foreclosure sales would be close to zero. Joseph: I understand all your rhetoric. I have been in and around this business since about October of 1972. In all that time NO ONE has ever shown me the legal statute that says a lender can sell something they do not own for less than what is owed. Been in the repo car industry, the banking industry, etc., in addition to the real estate industry...NEVER have I seen anyone able to sell something they do not own for less than they are owed. In all cases they have to go through the process of gaining ownership and then can dispose of it for whatever they wish...but..not before gaining owenrship. Yes, I understand that foreclosure owners have little to no equity, are most always severely in arrears and the bank is losing $$ on the deal...but they still have to gain ownership before disposing of the assets. AND, in the BIG picture...believe me they are NOT losing $$$. Can you quote me or lead me to any statute in any state, that says you can sell before you own for less than you are owed? Perhaps you are misinterpreting or misundestanding something that can happen at the sales...the auctioneer will open the bidding at what is owed...and having no bids..it is automatically sold back to the lender...then Providing he has been so instructed by the beneficiary he can say ...I will accept...bids...etc. and the property may sell for less than the opening bid...BUT.. it has been through the process of the lender gaining ownership and is then sold for less. Good Luck, Bill H Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Potentially foreclosed homeowners rarely have any equity in the homes after selling expenses, or otherwise more would sell to avoid foreclosure. That aside, lenders can tact on considerable legal fees to the loan balance. If a lender was required to not accept less than the amount owed, their batting average at foreclosure sales would be close to zero. : Joseph: : I understand all your rhetoric. I have been in and around this business since about October of 1972. In all that time NO ONE has ever shown me the legal statute that says a lender can sell something they do not own for less than what is owed. Been in the repo car industry, the banking industry, etc., in addition to the real estate industry...NEVER have I seen anyone able to sell something they do not own for less than they are owed. In all cases they have to go through the process of gaining ownership and then can dispose of it for whatever they wish...but..not before gaining owenrship. Yes, I understand that foreclosure owners have little to no equity, are most always severely in arrears and the bank is losing $$ on the deal...but they still have to gain ownership before disposing of the assets. AND, in the BIG picture...believe me they are NOT losing $$$. : Can you quote me or lead me to any statute in any state, that says you can sell before you own for less than you are owed? : Perhaps you are misinterpreting or misundestanding something that can happen at the sales...the auctioneer will open the bidding at what is owed...and having no bids..it is automatically sold back to the lender...then Providing he has been so instructed by the beneficiary he can say ...I will accept...bids...etc. and the property may sell for less than the opening bid...BUT.. it has been through the process of the lender gaining ownership and is then sold for less. : Good Luck, : Bill H Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-2006, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455