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| *Loan,banking and credit>>>bank of new york |
What are the laws concerning how many bids a bank the can take on a foreclosed home in New York State? |
Do they have to follow the same guidelines that a private owner must follow which state that they would have to decide on whether or not to accept one offer prior to looking at others, or can they take multiple bids and pick the highest bidder? once it is forclosed, it belongs to the bank, they can do whatever they like...... In a foreclosure sale/bid there is normally a minimum bid. That minimum bid normally covers the loan balance, any and all fees necessary trying to collect the late payments to include any fees caused by the foreclosure. Now if someone at the foreclosure auction make the minimum bid it is normally accepted, unless someone over bid, then the highest bid is accepted. It is not a closed bid it is an open bid. There is not a different law for private note holders the foreclosure laws of a state covers both private and institutional lenders. I hope this has been of some use to you, good luck. "FIGHT ON" |
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