Can My Mortgage Lender Bid For My Home At A Foreclosure Sale?
If you are facing foreclosure, you might wonder if your mortgage lender can bid on your home at the foreclosure sale. The answer is yes, your lender can bid on your home, but they are not required to do so.
There are a few reasons why your lender might choose to bid on your home. One reason is that they want to protect their investment. If the property is sold for less than what is owed on the mortgage, the lender could be left with a loss. Another reason is that the lender may want to avoid the hassle and expense of going through the foreclosure process.
If your lender does choose to bid on your home, they will likely be the highest bidder. This means that you will not have an opportunity to keep your home and will need to find alternative housing.
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