Foreclosure Outcomes :After the filing of a Notice of Trustee Sale, there are only three possible outcomes. First, the sale can be Cancelled for reasons that include a successful loan modification or short sale, a filing error, or a legal requirement to re-file the notice after extended postponements. Alternatively, if the property is taken to sale, the bank will place the opening bid. If a 3rd party, typically an investor, bids more than the bank’s opening bid, the property will be Sold to 3rd Party; if not, it will go Back to the Bank and become part of that bank’s REO inventory.
Notices of sale, which set the date and time of an auction, and serve as the homeowner's final notice before sale, in Maricopa County fell 1.9% in August.
Posted by Jen Weller, Fidelity National Title.
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