What are the loan amounts shown in red in my free search tool results?
The amounts in red represent the following:?
- Bank Owned: the opening bid amount at the foreclosure auction; in other words, the dollar amount the bank paid to get it back.?
- Preforeclosure: the loan amount, plus the default amount. The default amount is the amount the borrower is behind in payments at the time of default.?
- Auction: the Trustee Sale amount, which is the estimated total amount due on the loan as of the first auction date and is the maximum the bank can open the bidding at.
Currently the banks are discounting the loan amount at auction by an average of 21% and more than a third are discounted 30% or more by the lender.