Foreclosure procedures and deficiency judgments allowed by states are different. Here is the comparative list on what to expect state-wise.
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The foreclosure sale is public and often there is a minimum bid required. This minimum bid is the amount overdue to the lender and the loan costs. Winner of the bid is required to pay by cash or certified check within a few hours of the sale. Only attorney’s checks are accepted and personal checks are not allowed. If there is not an acceptable bid at the public auction, the property is taken back by the lender.
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