1200 Indiana Notice
A tipster forwards a RealtyTrac pre-foreclosure notice for 1200 Indiana. Fortunately the sale is pending and we’re guessing the owner isn’t feeling too stressed (especially if he’s enjoying one last soak in that hot tub).
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Comments from Plugged-In Readers

  1. Posted by pwb

    So what exactly does that indicate?

  2. Posted by SaveYourMoney

    Does this mean that the bank is going to lose $930k?

  3. Posted by SocketSite

    This simply means that the current owner is delinquent on at least one loan for $930K (there could be others secured by the property). Assuming this is the only loan (or is at least senior to any other loans), and that the property closes for around $1.7M, then the bank will be just fine.
    The big problem for banks (and owners) is when that “Default Amount” is greater than the “Market Value.”

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