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Thanks for posting your response. I am trying to get a decent handle on what happens (or at least on one tiny part I can focus on at any one time)!

For the life of me I couldn't understand why a bank would bother to bid on the property they're going to get anyways. It sounds like it's easier for the bank to get their max money this way rather than sitting placidly by during the auction time and then trying to go after the homeower for any additional monies owed over the sale price.

Thanks again for taking the time to respond to my question. I appreciate it!

I've come across the term "deficiency bid" and I'm wondering how often would a bank really let this happen as opposed to just buying the property and try to sell it as REO down the road? I guess it depends on how much less the successful bid is from what the homeowner owes the bank? I understand that banks in theory don't want to be managing properties as REOs - but how successful are they going to be to get the missing money from the homeowner? I'm surprised though in the case where a homeowner looks like they owe the bank more money that fair market value on the house, that the homeowner wouldn't try to go the bankruptcy route.

Anybody care to share with me what their experience has been with deficiency bids? Thank you!

I've heard about banks bidding at auctions - would this only be for the sole purpose of raising the bid to try to cover their lien on the property? Otherwise, I don't understand why a bank would send an agent to the auction.

For properties whose mortgages have been sold to secondary mortgage market - the bank who is managing the mortgage payments - they aren't under any obligation to try to get the house sold at a decent price or are they? At which point during the foreclosure process does the bank hand the property over to Freddie Mac, etc.?

Also - I am looking for stats on what percent of mortgages are currently sold off to the secondary mortgage market and am having trouble finding it. I guess it doesn't matter if the foreclosure process is the same up to the auction but I'm trying to get a better feel for what the bank's role/responsibility is up to this point.

Any help/direction would be much appreciated. Thanks!

I was wondering what people have used successfully for their foreclosure tracking system. Has anybody used off-the-shelf products? Any applications that are writtten specifically for foreclosures helpfu?

What about Excel? Do you spend a lot of time tracking potential properties or do you just upload the addresses, send out mass mailings and then focus on properties when the homeowner makes contact?

When do you decide that a property is "folder" worthy? Thanks for sharing!

Is there a general percentage that you use to rule out which properties are keepers/losers?

I have a few questions about homeowners and evictions after the auction

If a property is purchased at auction, what rights do the homeowner have to the property during the redemption period? In other words, does the new homeowner have the legal right to have the homeowners evicted as soon as the property is paid for and the title is transferred?

Has anybody ever "paid" off a homeowner to leave via a written agreement rather than have to pay for the eviction process?

How long will homeowners typically try to stay in a house if it's going through foreclosure?

Thank you.

I was reading an older book (2000) by Dallow where he states that in foreclosure auctions in NY, the buyer has to pay the homeowner $10,000. But I can't find anything online to confirm that. If anything, it sounds like the receiver/trustee would have to reserve the first $10k of the purchase price and give it to the homeowner before distributing the money to the lien holders. Does that sound right? Is there any case where the actual buyer at a foreclosure auction would need to give money to the homeowner at the auction? Thank you!