House being auctioned off tomorrow

[Colorfulstom]

My house is being auctioned tomorrow. I'm glad to be able to finally get my name off the house. It was included in the bankruptcy. Bankruptcy was final in June and now house being auctioned in July. It went fairly fast just 13 months from the time I made my last mortgage payment.

I was just checking out the website for auctions in my county and noticed that some of the houses for auction only sold for $100.00. Just curious - does that really mean that if some one bid on a house worth $160,000 for only $100.00 and won the auction that is all they would ever have to pay? It seems so crazy.

[ssmdem]

Most likely, that's the bank taking the property back. That's their starting bid. If someone starts to bid against them, then they'll increase it until it's where they feel comfortable letting it go, or until their bid reaches the amount of the mortgage.

[justbroke]

Generally speaking, the $100 purchase prices I've seen on County Recorder sites are usually for deed-in-lieu and other "Quit Claim" type of "sales".

[bulletproof77]

The bank took mine back at the trustee auction for the full amount owed of 210K. It was just sold yesterday to a private buyer for 104K....Lets see, at 106K "upside down", I think I made the right decision to walk...