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Updated over 2 years ago on . Most recent reply

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Sean Stewart
2
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6
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Determining bank fees/atty costs BEFORE Foreclosure Auction

Sean Stewart
Posted

Looking for intel on how to find out EXACTLY what the bank's credit bid will be at foreclosure auction.

I see the judgement amount listed in the case filing.  After attending several auctions I know the actual amount the lender bids includes fees + attorney costs.  So is the judgement is for, say, $175k, the actually amount of the bid is usually somewhere in the $185k-ish range.  

I'm bringing multiple bank checks, but I would love to have 1 for just $100 more than the actual bank bid instead of guessing.  (referees seem to go in $100 increments here)

Do I contact either the referee or plaintiff's attorney to find out what this total will be in advance?  Haven't found this specifically covered in the many, many foreclosure related posts (though I'm sure it exists!).

Most Popular Reply

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488
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Bob Reinhard
Lender
  • Lender
  • Patterson, NY
186
Votes |
488
Posts
Bob Reinhard
Lender
  • Lender
  • Patterson, NY
Replied
Your down-payment is 10% at the auction win; 10% of the winning bid.
As to the rest, everything else falls into place after that, in anticipation of closing.
There is no "need" to know beforehand; but if you'd like to know, you'll need to contact the attorney. The referee acts only on behalf if the court, not in setting numbers.
Much success.

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