Robby Smith wrote:If I foreclose is their a way I can get the house back even if someone bids over what is owed to me? This house fixed up is worth about 140 and the balance on the note is 52-53.
Yes, you can bid any amount you like, including higher than what is owed to you. Whatever the final bid amount, your attorney takes his share, you get paid for the amount remaining on your loan, and the rest goes to the homeowner.
With those numbers, I suggest you tell the homeowner you are willing to buy the house from them. You will forgive the loan, pay all closing costs, and give them $10k cash to walk away. That will avoid going to a bid. Make sure you do the purchase through a title company and get a title policy.
I hope this helps,
Neil Aggarwal
Property Financing, LLC