3 ms·
Don't know how it works with local laws, but as far as I know, they could ,(doubt they would) repossess. Nevertheless, they would auction, take the 2% remaining
by cgio 3y ago
Don't know how it works with local laws, but as far as I know, they could ,(doubt they would) repossess. Nevertheless, they would auction, take the 2% remaining, plus their admittedly ridiculous fees, and pay you back the rest. Not that it would end up a good deal, but it's not as disastrous as one would infer.
- jacquesm 3y agoIt would be a very bad deal because houses at auction don't fetch anywhere near their normal market value. They fetch their real value which is much lower than the value that the banks will happily allow you to borrow against (and the realtors charge their commission on). Those very same banks who quite often happen to be close buddies with the parties that happen to have the winning bid at the auction. It's a very crooked game, make sure you know the rules and who the other players are.