Don't understand auction process...

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Posted by Jusk on November 02, 2009 at 12:50:06:

Why do foreclosures go through auction where, most of the time, the lender "buys" it back? The lender already has ownership of the property since it's collateral for the loan. Is this required by law for loans that are gov't backed or do the lenders hope to get bids higher than what they have in it? Can anyone clear this up for me....Ray maybe... ;)

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