That’s just the point. If you keep asking the wrong question, you will never get an answer. if you keep asking the question, how can we find homes for people who don’t really want homes and won’t stay in them anyway, you’re wasting time and money. Instead ask, what is the most humane way to deal with these chronic pathologies? You might also ask, why does this problem just get worse even though we spent trillions of dollars on it?
I don’t know Cal. law on this, but typically the lender can credit bid and will do so up to the outstanding balance. In many states the Borrower will get credit for FMV no matter what the lender bids. So, if someone lowballs, the lender bids it up to a number it is ok with. Also, typically the trustee will have a plan in writing approved by lender for various bid scenarios.
@HowardKurtz Replace them with somebody fair. Do real reporting. I don't think lying to your audience is a sustainable business plan. And if it is, it’s a business plan that rots your soul.
The sorting out is of the lawyers who file this stuff. Don't they read the news? Don't they take responsibility for what they turn into a judge? How is it possible to keep doing this? Surely a legal education ought to fit you for the ability to screen for legal nonsense, even without checking the sources.