Posted by GMann on April 02, 2003 at 13:58:43:
If you file foreclosure and it goes to the courthouse steps then all the proceeds from the sale will go to pay off WAMU’s first lein before you get a dime.
Attorney fees could range from $3-5K and they can be added onto the balance of your loan. You will probably have to pay the attorney up front. You can set the minimum bid at WAMU’s first + your second + attorneys fees and back interest if you want all your money. If no one bids at that price, you will have to pay WAMU off out of your own pocket. However, you have a choice of what bid you will take at the time of sale if you want to take less than what is owed to you + the 1st payoff. Be sure to accept enough to pay of WAMU and your attorney’s fees at least. Also make absolutely sure the value of the home is worth you foreclosing. WAMU’s loan amount will have to be covered by the sale proceeds AT A BARE MINIMUM!