Question:
I was told by one attorney that I only needed to pay the judgement amount to redeem a home in foreclosure; however, the bank claims I need pay an additional $ 60,000.00 in fees, charges, etc. Who is correct, and what do I really need to do to pay the least possible amount?
Answer:
you only pay that amount if you buy it at the auction. But the bank will be there bidding it up to get those fees back. If no one showed up to bid against them they didnt need to bid it up.
If they got it at the auction it is theirs and they can sell it for whatever they want.
Larry,
If the house is foreclosed than the bank controls what you pay for the home, unless they auction the home then other buyers will ultimately force the purchase price higher.
If you truly want to find a good deal, find a home that is in PRE-forclosure, save the property before it is foreclosed on by the bank.
More Related Questions & Answers...
I am facing foreclosure on 2 investment properties and my home should I consult a foreclosure att or bk att?
Where can I get free foreclosure listings with photos?
Foreclosure?
Are these foreclosures due to deadbeats?
What is a foreclosure?
What are the benefits and disadvantages of buying a foreclosure?
435 thousand home foreclosures in the first quarter of 07', one in five Americans are worried about paying...
Is it possible to get a loan days away from foreclosure?
House help..foreclosure...?
Foreclosure?