Just looked up my foreclosed apts...not happy.

[Tom_Mi]

I surrendered 3 apt buildings in CH7, and they were discharged in Apr '09. (They're long gone now) I never checked the Sheriff Deed info, because the conventional wisdom I've heard is that the bank buys it for the loan amount.

So out of morbid curiosity, I checked the county Website.

835 Grand: (I owed 180k)
SD: 75k
(month later): WD: 69,900

All 3 of my apartments went for these ridiculous discounts. I wish my attorney had been thinking about this and maybe advising me to keep an eye on it. I had an investor (who wanted an insane 25% markup) who would have done an LC, but at this price his usurious markup would still have worked.

If any of you have rental properties being surrendered, watch that sale price and find out what the bank pays for it.

When my home goes to Sheriff Sale in a few months, you can bet your boots I'll be watching it.

[AngelinaCatHub]

Tom Mi Don't look back. Start your new start with no regrets. 'Hub

[SweetGeorgia]

Tom, if it makes you feel any better, I'm pretty sure that you (as in you the debtor) aren't supposed to be able to benefit from equity created that way. Or maybe junior liens get re-instated if you do, or something (I can't remember the details, but it's basically not having your cake and eating it too).

I also always thought the bank paid the note amount, but was also wrong! On our two investment properties, the banks paid about half the note (and each sued for the rest). Even our house went for a lot less than the note at the sheriff's sale. But I don't think we'd be able to get away with buying those properties at the much-reduced amount, although anyone else off the street could.

And I agree with Angelina! I have to fight the urge to dwell on these things, but I know it's the best thing to do.

[frogger]

Tom Mi Don't look back. Start your new start with no regrets. 'Hub

Excellent advice 'Hub!