Question:
Particularly how does the trust deed sale aspect of foreclosure work? Is it like an acution that the property goes to the highest bidder? If the highest bid is not enough to cover the balance owed on the mortgage etc., is the new purchaser at the sale held responsible for this remaining balance? Also are there inexpensive ways to find out about properties that are likely to be foreclosed upon, or about properties that are currently in foreclosure proccedings? Thanks in advance.
Answer:
This website contains a pdf that outlines the foreclosure process in California along with foreclosure listings (for free).
Yes, the higher bidder gets the house. The opening bid, known as the credit bid, is the mortgage owed plus any foreclosure expenses and late fees. So if you bid and win the credit bid, you don't owe that lender any money. However, if it was the secondlender that did the foreclosing, you need to pay off the first lender.
There are many signs that a property is heading towards foreclosure.The main one is that grass is knee high and the trees and bushes are overgrown.
Regards
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