I don't quite understand why a particular property would enter forclosure when it's mortgage/lein is much less than what the house will sell for.
For example I recently came upon a forclosure notice for a house worth 200K and has outstanding morgage for 100K. The owner of the property passed away. The heirs and executor of the estate attempted sale for twice the appraised value and had no offers and no sale.
My question is why would an example like this enter forclosure when it is worth more than the lein?
Why wouldn't the estate lower the asking price to what it would sell for to pay off the lein make some money and avoid forclosure?