Foreclosure Question

[TJ_98370]

I have a question, and I'm sure someone who visits this blog knows the answer.

I checked out a house that was foreclosed on in Kitsap near where I live. It is listed as being for sale for $324,900. According to the county assessor records, it's last sale was a "forced sale" for $345,000 in Sept 2008 and it's current "owner" is HSBC Mortgage Corp.

What exactly is the significance of the $345,000 listed as the forced sale price? Is that the total value of the mortgage debt at the time of foreclosure?

[mukoh]

TJ,
Foreclosure sales are recorded in a few different ways nowadays. But typical is, amount of outstanding + anything in arrears, late fees, recording fees, trustee fees and etc. So anything that was a debit to previous owner is rolled into foreclosure price.

[TJ_98370]

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Thanx mukoh,
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The only reason I am aware of this property is that a co-worker is really hot to jump on it. He was told that it previously sold for around $420,000. He was totally amazed when I showed him that publicly accessible county records dispute that claim. I turned him on to the fact that he can do some verification of the B.S. that is being dealt out by the "professionals".

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