Forclosure

[TamiS]

My brother and his wife have a concern with their home and the forclosure that will take place Jan 3rd 2002. That is when it will be auctioned. ANyway, they tried to sell it through a realator but he never did anything. The questions they have are: Are they required to pay a realator for a non-sale/forclosed on home? AND after the auction is said and done, if there is a balance on the home will they have to pay that or will it be free and clear? (owes 54K but if it sells for 40K will they have to pay the difference)

We/they live in Minnesota

 

[HomeGuru]

My brother and his wife have a concern with their home and the forclosure that will take place Jan 3rd 2002. That is when it will be auctioned. ANyway, they tried to sell it through a realator but he never did anything. The questions they have are: Are they required to pay a realator for a non-sale/forclosed on home?
A: No. The foreclosure Trustee may elect to terminate the listing agreement.

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AND after the auction is said and done, if there is a balance on the home will they have to pay that or will it be free and clear? (owes 54K but if it sells for 40K will they have to pay the difference)

We/they live in Minnesota

A: there will be a deficiency judgement against them for the balance owed.
Keep in mind that the amount due will be higher as a result of accrued interest, late fees, legal and court costs, Trustee fees in connection with the foreclosure action etc.