Hi All
If a bank has reposessed a house and the current market value is $300,000 but the original loan was say $200,000 and is going for auction unless sold prior.
Q. 1 Will the bank sell for a little over $200,000 ie with enough to cover their costs?
Q.2. Will the bank sell for whatever they can get at auction and pocket the capital gain themselves or does this go to the original owner?
If a bank has reposessed a house and the current market value is $300,000 but the original loan was say $200,000 and is going for auction unless sold prior.
Q. 1 Will the bank sell for a little over $200,000 ie with enough to cover their costs?
Q.2. Will the bank sell for whatever they can get at auction and pocket the capital gain themselves or does this go to the original owner?