Minimum Price At Foreclosure Auction (NH, MA)
I'm trying to find the case law in MA and NH that establishes the following condition at an auction:
At an foreclosure auction in MA and NH the bank must set a minimum offer of at least 70-75% of fair market price of the property as determined by tax assessment or certified appraisal, etc.
I understand from two different sources that during last recession of the 1990's that several cases went to court
in NH a case of Murphy vs ???Lender???; and
in MA a case of Rubick vs ???Lender???
A MA auctioneer told me that I'd find the information on The Warren Group website, but it looks like I have to pay to join. A NH real estate investor said that the last NH case he was familiar with was in Derry or Londonderry, NH in 1997.
Where can I find this and related info?
jeff ,i was a a big follower of the fdic fiasco around here in the late 80`s and early 90`s i had heard of instances where lenders were sued by the foerclosed homeowner for not making a good faith effort to get all the money at auction. also heard that as a requirement of pmi company banks had to try to get all the money or the pmi co would not pay off. homeowners were also facing a "phantom income" tax by the irs.
kj
Kevin,
Thank you for your response, but I need something more definitive, i.e. case law or actual property examples.
You'll need to either get into the West Group books (internet) or another search, the problem is these services are to the best of my klnwledge only designed for subscription based customers - so you'll have to probably pay to join, or ask an attorney who is a member to do the search for you.
You could also contact a local law school and see if they'd help you locate the cases.
Good Luck!