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 Cautionary Tale - by Ian Minshull. In the early 1950s my father bought an Allis Chalmers B and I used it for all the row crop work with the mangolds and potatoes, rolling and the haymaking on our farm. The farm and the Allis were sold and I have spent a lifetime working on farms throughout the country. I promised myself that one day I would own an Allis. That time event
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