While I've been out of the business for a number of years now, like the others here, I don't know of any reason a Bank would bid substantially over the amount owed on their mortgage + fees etc. Since it doesn't seem to make sense, you have to try to figure out under what circumstances it WOULD make sense... Off the top of my head, the only thing that comes up is if these mtgs are enmeshed in the securitization mess, where the foreclosure title is in question---if so, the Bank may not want to risk not being able to get title ins. on a bank sale, or have to hold harmless the title co. But, even so, it would seem the Bank woild only have to outbid by the legally acceptable raise in bid, not a "substantial" overbid...Curious...
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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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