Property didn't sell? Sherriff's Sale?

[husky6767]

What does that mean? It went back to the creditor as the bid price was set at the note price.

Does this mean that there is no deficiency judgement?

Thanks,

-Husky

[BassBoy]

Properties not actually selling at the Sheriff's Sale is not uncommon. When this happens, the property is shown as as No Bid, No Sale and the property is turned over to the lender, minus the fees incurred by the Sheriff and etc. It could also list the property sold to X lender for the amount the bid started at (usually 2/3 of appraised value).

Whether or not you have deficency depends on how much you actually owed the lender, minus what the lender walked away with at the sale. Keep in mind that most foreclosures are many months late and have interest and fees adding up. Then there is the cost the lender incurred to hire an attorney to file the foreclosure and so on. My point is.....let's say you owed $100,000 the last time you made a payment, that amount owed may be tens-of-thousand-of-dollars higher after the Sheriff's Sale, so you could have a deficency if the sale did not satisfy the full amount owed (minus the sold proce).