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     | Saturday, January 15, 2000 - 04:45 pm  I want to buy a home that is in defult but has not been forclosed on yet. it belonged to a couple who divorced one filed bankruptcy while the other did not. the party who did not file was going to let the bank forclose on the house. A year later the bank calls and says are you sure you want us to forclose or do you want to keep it. (he never persued it cause he thought the house had already been taken by the bank) Ok this is where my question comes in: The principle was paid down to 109,800 and after a year of intrest the bank says if you still want it you have to pay 127,000. the property is apprised at about132,000. A rep at the bank said that the trustee handling the bankrupcy of the other individual had to be given to them relesing the house from the bankruptcy and the trustee will also require that no mater what the sale of the house any outstanding debts will not come back on this person. so the letter is submited with my bid of 110,000 I want to know what kind of a loss is the bank willing to take this case would be about 17,000. But they will get their principle and they would be rid of the house. What kind of money would it take for them to turn me down and then procede with auction or trying to sell through a realter. When a house is auctioned typically how much under market value is it sold for? I'd appreciate any heads up i can get right now even odds I feel like i'm at the mercy of the bank
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| | Wednesday, March 29, 2000 - 11:05 pm What did you find out? My email is s.luttrell@excite.com Thanks, Shaun
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