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Mortgage shortfall: how does a bank calculates at what price will put the house on the market

Hi,
I have a question regarding a mortgage shortfall – how is determined the price of the house on the bank behalf ? I mean how does a bank calculates at what price will put the house on the market ?

Posted from: Quebec

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One Response to “Mortgage shortfall: how does a bank calculates at what price will put the house on the market”

Barton Goth – Goth & Company Inc. – Bankruptcy Trustees said...

This is completly up to the bank and how they want to proceed.. They usually will set the price at whatever their experts believe they can obtain in a relatively short time frame. Often times the price will be set low, but the sale is conducted as a public auction, so as you can see there is a lot of flexibility available to the bank.