Reposession auction

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14 Aug 2011 12:00 AM by manorpark Star rating. 165 posts Send private message

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When a bank sells a reposessed house by auction what is the minimum it can be sold for ? I have been given conflicting advice and opinions.

Some say it is 60% of the valuation for mortgage , others say it is 60% of the current value if nobody bids and the bank have said it could sell for as little as 25% of the mortgage value.

Any answers greatly appreciated.





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