Re: Don't understand auction process...

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Posted by Ken on November 02, 2009 at 18:43:04:

In Reply to: Don't understand auction process... posted by Jusk on November 02, 2009 at 12:50:06:

The lender does not already have ownership,they have a lein against the property.When the payments are not made the bank does a foreclosure action.That causes the auction at which the lender places their bid.If someone else wants it they can outbid the bank,if no one out bids the bank then the bank gets it and the referee transfers ownership to the lender

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