What is a deficiency bid?
A deficiency bid occurs when the foreclosing lender submits a written bid for an amount less than owed. The foreclosing lender may elect to sue the homeowner, or anyone else who signed the original promissory note (loan papers), for the amount of the deficiency (the amount owed minus the amount of the bid). Bidding at the Public Trustee sale on properties that have deficiency bids begins at one dollar 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 to them.

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1. If I have a mortgage, why do I get the tax bill?
2. What do I do if I paid my taxes and my mortgage company paid them as well?
3. If I move what do I do?
4. When and where do I make payments?
5. Why did I get the tax bill for the whole year on a property that I just bought?
6. What if I can't pay on time?
7. How are taxes determined?
8. Why do I have to pay taxes?
9. What do you mean by real property and personal property?
10. Are there any senior tax relief programs?
11. What are Special Assessments?
12. What about food tax rebates?
13. What about Real Estate Transfer Taxes?
14. What is the sales tax rate?
15. What about the use tax?
16. What about tax abatements?
17. How do I protest my taxes?
18. Where can I obtain federal and state income tax forms?
19. Where can I obtain information about other recorded liens existing against my property?
20. What is a deficiency bid?