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I don't know about the USA specifically but I've heard that banks don't really try too hard to get a good price at mortgagee auctions, they just want to cover what they're owed and get it off the books.
If there's a difference between the sale price and what is owed to the bank then the borrower would probably receive it.
Wouldn't it suck if the bank foreclosed on your house AND its value had dropped enough that you actually owed the bank more than it was worth...
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