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10-19-2005, 07:13 PM
| | Junior Member | | Join Date: Aug 2005
Posts: 18
| | | Bidding on a home in forclosure sale
What is the name of your state? SC
I am interested in bidding on a home that is going up for auction. What steps do I need to take? Will a bank lend money to purchase a home with plenty of equity after the first mortgage is paid off? |
10-19-2005, 07:16 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 71,212
| | Quote: |
Originally Posted by marie1965 What is the name of your state? SC
I am interested in bidding on a home that is going up for auction. What steps do I need to take? Will a bank lend money to purchase a home with plenty of equity after the first mortgage is paid off? |
**A: there are numerous books available on this subject. |
10-19-2005, 07:20 PM
| | Senior Member | | Join Date: Jun 2000 Location: Somnambulist University
Posts: 36,806
| | Quote: |
Originally Posted by marie1965 What is the name of your state? SC
I am interested in bidding on a home that is going up for auction. What steps do I need to take? Will a bank lend money to purchase a home with plenty of equity after the first mortgage is paid off? | Yep. Absolulely NOT for the weak at heart. You need to do a LOT of research, title searches, inspections, etc.
Get some knowledge.... before you fall into the trap.
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10-19-2005, 07:28 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 71,212
| | | and it's a very huge trap**************..sometimes filled with monsters and sometimes filled with quicksand. |
10-19-2005, 08:21 PM
| | Junior Member | | Join Date: Aug 2005
Posts: 18
| | Quote: |
Originally Posted by HomeGuru **A: there are numerous books available on this subject. | Thank you so much for this info. The home actually belonged to my ex-husband and me. I was awarded the home in the divoce decree; but the ex stopped paying on some high balanced credit cards as well as maxed out a second mortgage, which was a line of credit and so there are judgments, etc. on the home now. I was unaware of all of his doings until it was too late. The mortgages were not in my name; but my ex had put the deed in my name afterwards. It's a MESS! Long story short, I went to the forclosure hearing today with the lender who holds the first mortgage and they said that since I did not sign the loan, they are not going to come after me with a deficiency judgment and they told me that this will not affect my credit -- just his. They also told me that I could bid on the home; but, frankly, I am not sure if I should simply cut my losses and start over.
Thanks again for your help. I'll continue to research, indeed.  |
10-20-2005, 12:34 AM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 71,212
| | | If you have a good amount of equity, you are in a better position than anyone to bid for the property. |
10-20-2005, 07:04 AM
| | Senior Member | | Join Date: Aug 2005
Posts: 1,964
| | Quote: |
Originally Posted by marie1965 Will a bank lend money to purchase a home with plenty of equity after the first mortgage is paid off? | Call around and find out. But remember you may not be the only one bidding on this EQUITY either. |
10-20-2005, 05:14 PM
| | Member | | Join Date: Sep 2004 Location: Philadelphia, PA
Posts: 363
| | Quote: |
Originally Posted by pojo2 Call around and find out. But remember you may not be the only one bidding on this EQUITY either. | Line your financing and title up before going to the auction. Most people we help out in this scenario do hard-money financing for the auction and then talk to the bank when the house is theirs afterwards. |
10-21-2005, 10:58 AM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 71,212
| | Quote: |
Originally Posted by pojo2 Call around and find out. But remember you may not be the only one bidding on this EQUITY either. |
**A: no one else can bid on the equity since no one else owns the equity. |
10-21-2005, 12:04 PM
| | Senior Member | | Join Date: Aug 2005
Posts: 1,964
| | | Okay value over the possible low cost to acquire. |
10-21-2005, 01:01 PM
| | Member | | Join Date: Mar 2002
Posts: 218
| | The poster has an equitable and possessory interest in the property. Just applying some knowledge I learned recently.  |
10-22-2005, 12:46 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 71,212
| | Quote: |
Originally Posted by Samm1970 The poster has an equitable and possessory interest in the property. Just applying some knowledge I learned recently. |
**A: great...you've done your homework. | |
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