What happens to the property if the lender goes through the entire foreclosure process and no one bids on the property?
A. If no sale occurs the lender will have to pay not only the advertising and notice fees but they will also be responsible for attorneys fees, trustee’s fees, and title insurance. The lender will then be forced to possess the property which will require them to pay for repairs, maintenance, hazard insurance, and property taxes. Furthermore the lender will have to sell the property which will require them to pay not only real estate commissions but also closing costs.
