What are the costs a bank or lender incurs on foreclosed property before they recoup any money at a courtstep auction? Approximately..more or less skwe-g :-S
When a bank forecloses on a property, they are trying to recoup any money owed on the mortgage the homeowners stopped paying. They usually pay legal fees and other fees to file a case against the homeowner.
If a homeowner owes $80,000 and stopped paying, then the bank will foreclose and try to get as much owed to them as possible and take the loss. It really depends on what the bid is at the auction when considering how much they lose out on.
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When a bank forecloses on a property, they are trying to recoup any money owed on the mortgage the homeowners stopped paying. They usually pay legal fees and other fees to file a case against the homeowner.
If a homeowner owes $80,000 and stopped paying, then the bank will foreclose and try to get as much owed to them as possible and take the loss. It really depends on what the bid is at the auction when considering how much they lose out on.
Tanya