Posted on: 24th Jun, 2009 10:51 pm
Hello, do you have any idea or rough estimates on how much does a bank incurs in foreclosing a property? and what are those expenses?
Hi
How much the banks have to incur to foreclose on a property depends on what type of foreclosure they do. If they do a non-judicial foreclosure, it will be fast and will cost less than a full judicial foreclosure. However, the average costs can run from $30k to $50k or even more. This includes a lot of costs like court fees, attorney fees, cost of repairing damages to the house, cost of eviction and so on.
How much the banks have to incur to foreclose on a property depends on what type of foreclosure they do. If they do a non-judicial foreclosure, it will be fast and will cost less than a full judicial foreclosure. However, the average costs can run from $30k to $50k or even more. This includes a lot of costs like court fees, attorney fees, cost of repairing damages to the house, cost of eviction and so on.
Forecloser on property depend upon tyape of forecloser as suggested by
Savior.But it also depends on which type of loan it is and as legal attention will affect the foreclosure they definately include cost that they bares for the foreclosure.
Savior.But it also depends on which type of loan it is and as legal attention will affect the foreclosure they definately include cost that they bares for the foreclosure.