What is a deficiency bid?

A deficiency bid occurs when the foreclosing lender submits a written bid less than the amount owed. The foreclosing lender may elect to sue the homeowner, or anyone else who signed the original promissory note, for the amount of the deficiency. Bidding at the Public Trustee sale on properties that have deficiency bids begins at $1 over the lender bid amount. In most cases, lenders file deficiency bids because the adjusted fair market value of the property is less than the amount owed.

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1. What is a Notice of Election and Demand?
2. How can I find out if a property is in foreclosure?
3. How can I find out what I owe to stop the foreclosure sale of my house?
4. I received a foreclosure notice from you in the mail. Do I need to move?
5. When and where is the Public Trustee sale conducted?
6. What happens if my property is sold for more than what I owe?
7. What is a finder? Should I pay one?
8. What is a deficiency bid?
9. Will I receive a notice from you when my house is sold at the foreclosure sale?
10. Is there a pre-foreclosure list available to the public?
11. Does the Office of the Public Trustee conduct seminars about the foreclosure process?
12. What types of funds are necessary to bid at the Public Trustee sale? Can I bid online?
13. If a Public Trustee Confirmation Deed is issued in a foreclosure on a second or third-etc-mortgage, does that remove all other liens?
14. When are the foreclosure reports updated?
15. Where can I obtain information about other liens against properties?