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credit bid

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credit bid

The amount a lender can bid at a foreclosure sale under one of its mortgages, representing the total of all amounts due under the promissory note.



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The Problem: If $575,000 is the total of your principal and accrued interest, late charges and other fees and costs, and the property reverts to you as beneficiary after you credit bid that amount, you're deemed to have been "paid in full.
The largest was a credit bid of $324 million submitted by a group of lenders led by AgStar Financial Services, VeraSun said.
After Long Beach and the other mortgagees agreed on the relative priority of their mortgages, Long Beach obtained a foreclosure judgment for a credit bid of $716,239.
 
 
 
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