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Updated over 16 years ago on . Most recent reply

A Miller's profile image
A Miller's profile image
A Miller
  • Investor
  • from Minneapolis, Minnesota
  • Member since Sep 28, 2008
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A Miller's profile image
A Miller's profile image
A Miller
  • Investor
  • from Minneapolis, Minnesota
  • Member since Sep 28, 2008
Connect
A Miller
  • Investor
  • Minneapolis, MN
0
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4
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Foreclosures

MN REO home for less than owed...what is this?

A Miller
  • Investor
  • Minneapolis, MN
Posted

250K mortgage...home was foreclosed on and sold at the sheriffs sale. MN has 6 mo right of redemption so I called lender to find out what the price was if the homeowner wanted to get current. They said the homeowner could buy the house back for 108K. How can that be? She owed 250K...What is this? Also, if the homeowner does not want to buy the home for 108K, will they have a discrepancy judgement for the difference?

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