Forclosure Consideration?
Hi. When an owner gets forclosed on and the house ends up at the courthouse auction and the bank holding the loan buys it (that sees confusing) how can they not lose money by paying 78,500 consideration at the auction that had a loan of 66,400. How can they afford to sell it for 10,000 ? Is that common? Its tax assessment is 41,600 and the tax office has homes appreciating at 4.13% per year in that area. I assume the consideration is the amount paid but it seems insanely illogical to sell for considerably less. Is there something I should know? Thx.
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