Is anybody else seeeing this in other places besides Minnesota? What is the logic behind this? Does it have to do with mortgage insurance covering the difference? Curious minds want to know.
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Lenders always bid less than what is owed in my area. You can easily be bidding next to the bank. They likely have a minimum NET amount they will accept based on BPO's/Appraisals set for by the investor backing the note.
To be honest, I've never seen a lender bid what's owed on the mortgage.
Lenders always bid less than what is owed in my area. You can easily be bidding next to the bank. They likely have a minimum NET amount they will accept based on BPO's/Appraisals set for by the investor backing the note.
To be honest, I've never seen a lender bid what's owed on the mortgage.
It hasn't always been the case here. In MN the home owner can redeem the property for the value of the winning bid at the sale so the lenders use to bid full amount of mortgage. That seemed to have changed in the last year.
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