Loan Amount & Published Bid Question(s)


#1

Can someone give me a few examples of how a 1st TD recorded on 1/25/06 for $720,000 turns into a published bid of $840,662? If this helps, NOD was filed on 11/15/10 for $16,864. NOD filed again on 9/19/11 for $38,556 and NTS filed on 12/20/11 at $840,662. This would really help me understand some or all of the factors or costs that are clumped into the published bid.


#2

Hi Jackman,
In this case the lender could have paid the past due property taxes.


#3

Thanks Michelle.
I went to the tax collector’s website for the county this property is located in and It does not appear there were any delinquent property taxes.


#4

Maybe no del. taxes because lst holder paid them? Multiple bankruptcy filings running up fees and costs? Still, all that wouldn’t account in an increase of $120K. over the orig. loan.
Only thing that would account for it is several years of unpaid payments, which is common. That would mean the figures on the NOD was wrong.
Another possibility is that a mistake was made when the loan was made and a senior loan was not paid off and this lender had to advance. That is far-fetched, tho.


#5

Thanks Miket, I think this one you said is correct

““Only thing that would account for it is several years of unpaid payments, which is common. That would mean the figures on the NOD was wrong””

I know the borrower was put on a loan mod, maybe that helps clarify things.