Foreclosures on the courthouse steps

[David Smith]

Hi Guys, thanks for providing such amazing information here! A few questions about buying foreclosures on the courthouse steps:

1. Are 3rd party buyers getting in on these still or are the banks continually getting the houses back?

2. What would cause a bank to not bid on a house the lent on?

3. If a house had $300,000 in loans but is only worth $250,000, how much would you bid on it if you wanted it? I'm not sure how that works. Is the $300,000 wiped out at foreclosure or do you have to pay the $300,000 in addition to whatever you bid on the courthouse steps?

Thank you!