Credit Bidding
Here is the definition of credit bidding that I found.
Full Credit Bidding. The lender(s)’ opening bid for the property (also known as the “Credit Bid”) may be the total amount due on the loan, including principal, accrued interest to the date of the sale, late charges, legal fees, foreclosure fees, advances, interest on advances, etc. (referred to as a full credit bid).
My atty mentioned using credit bidding as a Jr lien holder to try and jack up the bid and control the property.
Does anyone here have experience with this (cheaper and quicker than my atty), and can explain the good, the bad, and the ugly of this technique.
Or is this just the formal terminology for something else?
thx.
My feeling is just the opposite. I was thinking to contact the original borrow as their subject-2 agreement was breached and they are on the hook for the $$$.
misunderstanding. A subject to, that defaulted, and now is a SS candidate.