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property was foreclosed and auctioned

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ivy Guest	Posted: Tue Feb 26, 2008 2:36 pm    Post subject: property was foreclosed and auctioned Like 0 Dislike 0 I have or should I say had a property in Florida that was recently auctioned at the court house. I received a letter from the attoryney that it was sold for $100.00 to Fannie Mae. What does this mean? Aren't they supposed to try and sell the property for a fair market value? How can it be sold for $100.00?? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
larry Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)	Posted: Tue Feb 26, 2008 3:13 pm    Post subject: Like 0 Dislike 0 Hi Ivy, Welcome to the forum. Some times the property is sold even under the fair market value in the foreclosure process but how can it be only "$100.00??". I cannot think of a property value of only " $100.00??" Can please give us some more details and inform us about the fair market value of your property? Best of luck, Larry
ivy Guest	Posted: Wed Feb 27, 2008 9:08 am    Post subject: Like 0 Dislike 0 Larry that is what the letter from the attorney says. It says the highest bid was 100.00 and tht Fannie Mae aka Federal National Mortgage was the bidder.
Alex12 Guest	Posted: Wed Feb 27, 2008 9:25 am    Post subject: Like 0 Dislike 0 Ivy, how does Fannie Mae come here? was your lender approved by Fannie Mae? the home should have been sold at the fair market value or somewhat lower than that in case the market isn't good enough. I think you should contact the attorney for an explanation or your lender because he may have appointed the attorney. May be it is just a misprint.
FernandaS Guest	Posted: Fri Aug 15, 2008 4:01 pm    Post subject: Property was foreclosed and autioned for $100.00?? Like 0 Dislike 0 Hi, My condo was also, as another writer Ivy said, auctioned for $100.00. Same exact thing, sold to a bank. How can this be?
jenkin7 Joined: 04 Jun 2007 Posts: 4537 Location: Hawaii 728.43 Dollars($)	Posted: Sat Aug 16, 2008 2:32 am    Post subject: Like 0 Dislike 0 Hello Fernanda. Welcome to the forums. Have you been informed by the mortgage company that the property is going to be foreclosed? Is the mortgage company coming after you for the deficiency judgment? How much do you owe to the mortgage company?

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