Need Foreclosure expert..Have quick question... - Posted by Debo1977

import · August 30, 2007, 4:05pm

Posted by Natalie-VA on August 30, 2007 at 18:40:46:

I’m not in NC and not familiar with their “grace period”. I thought they had a “bid upset” period. Not sure if that’s the same thing, and how the end result differs depending on who the winning bidder is (the bank or a third party).

Anyway, I’ve seen many FCs where the bank bids less than what they’re owed hoping that someone will buy the property. That might be what happened here. Either way, you’ve got to get the payoff from either the lender or the lender’s attorney. I would have an attorney handle this if it’s your first time.

–Natalie

import · August 30, 2007, 4:05pm

Need Foreclosure expert…Have quick question… - Posted by Debo1977

Posted by Debo1977 on August 30, 2007 at 16:05:04:

Let me cut right to the chase.
I am looking at a foreclosure that has already gone to auction and is currently in the 10 day grace period.
Opening bid for the property was $52,000.

So, first foreclosure, wife and myself a little nervous, excited nervous really wanted to see if i could get inside of the home to check it out.

So, in the front yard, they have a car for sale. I call the number asking about the car. We chat and i ask about the area, and state that i want to move to the area. She states, that the home is for sale as well. PERFECT, it worked. So i arrange a time to meet, in the morning @ 10 am. She states she just wants the payoff and that’s it.

So, here is my question, only 1 deed of trust on file and in the original amount of $68,000, she states payoff is about $66,000. Makes sence 4 years of paying, ok.

So, WHY is the bank opening the bid @ $52,000???

Was there a 1st and second? No, just one D/T recorded. I am so confused by this and am now weary that i have missed something as the bank bid is $14,ooo Less than payoff.

PLEASE PROVIDE ASSISTANCE.
This is a NC property. Anyone with expieriance please post, but if you are a specialist in NC, Please, PLease respond.

Grace period ends Monday…

Thank you in advance…