The filed judgments may not be ALL of the mortgages against the property. I have seen some home foreclosure sales around here that there where actually three different loans on the property. They only have to foreclose on one to regain the property. Some of the fees are based on the judgment amount.
It is a public sale if you want it you are free to bid it over what they are willing to go. As far as worrying about how the paperwork and tax issues are on the banks side. I have much better things to worry about that that. Most of these house are not worth what was loaned against them. They where bringing low dollars at the foreclosure sales. Some of the banks are buying them and selling them with financing to new buyer at much higher than auction price. That is just good business. These new buyers maybe out of the normal market now that the loan requirements are higher.
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Today's Featured Article - A Lifetime of Farm Machinery - by Joe Michaels. I am a mechanical engineer by profession, specializing in powerplant work. I worked as a machinist and engine erector, with time spent overseas. I have always had a love for machinery, and an appreciation for farming and farm machinery. I was born and raised in Brooklyn, New York. Not a place one would associate with farms or farm machinery. I credit my parents for instilling a lot of good values, a respect for learning, a knowledge of various skills and a little knowledge of farming in me, amo
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