The auction of our home was set with an opening bid of $305,000.00. Yeah, right! The houses in our neighborhood that have recently sold after foreclosure have gone for the $180,000 range at the high end.
I scoped out the status of our house on RealtyTrac.com and saw that it was set for auction and the opening bid on Sept. 10th. Today I see an entry for Sept. 11th noting that the house is bank owned. What a surprise that no one bid on it at auction.
EMC, the company that held the second note has cashed out and we are now getting calls from a collection agency on that score. We do plan to talk to them and try to negotiate a deal.
Alll in all this process moved swiftly, but in talking to a previous neighbor that went through foreclosure as well, have compared notes and we agree that the stress of the process really takes a toll. We walked away, but it’s not been a walk in the park.