Legal Question in Real Estate Law in Maryland
Foreclosure
I would like to know the procedure when a house goes up for forclosure. Does the bank that holds the mortgage bid the same time that other people bid on the house?
Asked on 9/13/99, 7:32 pm
1 Answer from Attorneys
Daniel Press
Chung & Press, P.C.
Re: Foreclosure
Yes. There is an auction, and the noteholder can (and usually does) bid along with anyone else who shows up. Often, the trustee is given an amount to bid by the lender, and bids that to start the bidding.
Answered on 9/14/99, 10:21 pm
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