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Central Illinois | Bank might, I say might, sell you the loan. That they actually own the loan. Bank may have sold loan and just be servicing.
If the loan mortgage eventually goes into foreclosure the bank will bid the full amount they have accrued on the loan.
This will include the loan balance, accrued interest (which rate may have been increased when loan became delinquent) , any other cost including but not limited to attorney fees and court costs.
This total amount will be what the bank bids and will usually be will above the value of the property.
Once the bank has the title they will be willing to sell for less that the amount they bid, price will be close to market value.
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Aquiring property pre-foreclosure
