foreclosure

[sick of debt]

My house was suppose to have an auction on June 10. We have been looking in the paper under foreclosures for weeks--never saw it. Anyway, I went online to the law office who is handling the foreclosure and it states "sold back to mortgagee". Does this mean my bank is going to try and sell it instead of foreclosure??? We will be filing chapter 7 June 26

[HHM]

It means that no one bid and the bank now owns the home. But the home has been foreclosed. Keep in mind, the foreclosure notice may not have been in the paper you read. For example, in Las Vegas, foreclosure notices are published in Nevada Legal News, not the Las Vegas Review Journal,

At this point, the bank usually has a real estate agent or someone who will market the home. However, you can continue living in the home until someone actually evicts you. It is a good way to save-up some money

[sick of debt]

Well, we already moved out in April (it became to depressing). The paper that I read lists all the foreclosures in the state. There were also a ton from the attorney that is handling the foreclosure. Maybe they decided to cancel the auction and sell it as a bank owned property. Isn't my mortgage company going to inform me though ????? I would love to just sign over the deed. They already changed the locks, they noticed is was vacant(but didn't notify me of this, I only knew because the alarm company called) they even had a landscaper come. Shoudn't the deed be signed over and my hands be washed now???? I'm just concerned if something happens will I be liable???

[BassBoy]

Your deed will be signed over to the purchaser (probably the lender) of the home. It does take some time to get the deed work done. The title must be free and clear of all incumbrances before the Sheriff can sign the deed over to the new owner. If you can access your county records, you can keep up to date. Now, until the deed actually transfers, you may be liable for the home, which is why everyone here will tell you to keep the insurance current until the deed changes hands. On the other hand, since the locks were already changed, I would bet the bank has purchased insurance for the home..........at their cost now.

Speaking of changing the locks........lenders will sometimes have a rep check to see if the home is occupied, and if the home is vacant, the bank will secure the property in order to protect the property until they sell it someone else. If the house is vacant, how would the bank get in touch with you? There is no way to notify you that they are changing the locks. Does this really matter anyways?

[sick of debt]

Well, I guess it doesn't matter. However, what if I still had personal belonings in there. They could have called our cell phone numbers to notify us. My concern is not being able to access the house and still have it in our name. Now, obviously, when we file bankruptcy we do not want an automatic stay with the house---they can have it. I don't think there are any liens, but what if there are????

[BassBoy]

If you need to get personal belongings, the bank should let you into the home to retrieve these items. After all, the home has not been transferred to their name.

When you file your BK, the Automatic Saty will be automatic. The bank will file a motion to lift the stay. It's standard procedure. You need to simply state on your peition that you are surrendering the property and then let the foreclousre proceed as usual.

If there are other liens on the property, I believe the purchaser (from the Sheriff's Sale) will need to take care of that. I'm not sure how IRS liens work though.

[sick of debt]

Thanks for your response jkatz. Like I stated all the foreclosures by this law office have been listed in the paper. i recently went on the law office website and it states "sold back to mortgagee". Not really sure what is going on, maybe somebody from "within" is going to purchase my house. We are meeting with our attorney 6/26 to file chapter 7, I will ask her. To this day, we have not heard anything from the mortgage company. It has been weeks sine they changed the locks and like I said we were only aware b/c of the alarm going off.