Mortgages Expert Witness On Foreclosure Sales
In Avoiding the $475,000 Mistake – Entering the Credit Bid, John L. Hosack and mortgages expert witness Joffrey Long write:
Finally! The delays are over and your foreclosure is going to sale. The trustee asks for bidding instructions. The grand total owing on your loan (a first trust deed) is $575,000. The value of the property is $500,000. Would you open the bidding at $575,000? It could be a big mistake. Surprisingly, many otherwise sophisticated lenders and servicers, including large banks, are completely unaware of this problem.
Read more: http://www.jurispro.com/files/documents/doc-1066205274-article-1920.pdf