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bk foreclosure of home

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  • bk foreclosure of home

    we received a notice that our home is due to go up for sale in december. after the sale, what is the process? will they let us know via mail that our home was sold and what it was sold for? Also at a sheriff sale how do they know what bids to except say its a 100,000 mortgage would they except a bid of 30,000 just to sell it? just curious how all this works...........

  • #2
    Generally, your mortgage holder or their rep will be at the sale, and they will bid the value of the outstanding mortgage balance simply so they can save their intersts. If it goes higher, so be it - they win, but at a minimum you can expect the house to be bought by your mortgage holder for what's owed.

    Depending on where you live, the rules change a bit after that. I've heard somne states it can take 6-9 months to evict someone. Others can be forced out in as few as 30. You will be notified of the sale and generally you hwill have a period of time to buy the house back, then it goes into the formality of notifying you that you must get ready to leave, etc.

    Check/Google your state's foreclosure/eviction laws.

    Comment


    • #3
      (poorme)

      Generally, your mortgage holder or their rep will be at the sale, and they will bid the value of the outstanding mortgage balance simply so they can save their intersts. If it goes higher, so be it - they win, but at a minimum you can expect the house to be bought by your mortgage holder for what's owed.

      is that the typical scenario they start the bidding at what is owed? just curious about how this work

      Depending on where you live, the rules change a bit after that. I've heard somne states it can take 6-9 months to evict someone. Others can be forced out in as few as 30. You will be notified of the sale and generally you hwill have a period of time to buy the house back, then it goes into the formality of notifying you that you must get ready to leave, etc.

      were not living there anymore were trying to get on with our lives but this is still hanging over our heads and we were just curious as to what happens, how the bidding works and how they accept bids, if they possibly went lower then what we owed then why wouldnt they work with us to resolve this before it got to this point ya know. its been a long sad depressing time as im sure many can relate.

      Check/Google your state's foreclosure/eviction laws.

      thank you

      Comment


      • #4
        We were not notified via mail or phone on what our home sold for when it was sold via foreclosure. I did find out via a family member on what it sold for and since it sold for more than what we owed, the extra went to the trustee for distribution.


        Filed 12/30/06
        341 3/24/06
        Discharged 5/15/06
        Closed 1/22/07

        Comment


        • #5
          Originally posted by dweebolina View Post
          We were not notified via mail or phone on what our home sold for when it was sold via foreclosure. I did find out via a family member on what it sold for and since it sold for more than what we owed, the extra went to the trustee for distribution.

          dweebolina, ty for your input. we were just curious; we figured we'd be notified that it was sold at the sale or it wasnt sold but that would be it; im hoping they let us know that much, i truly hope that whomever gets it has many happy years there like we did although there were many times we were unhappy there due to flooding etc. that in itself is a relief for us, but we worked so hard to keep that house and improve it etc. still hurts but were moving forward slowly debt free but this sale still on our shoulders waiting for it to be done with and still a lil depressed about having bk basically written across our foreheads for the world to know now we need to prove ourselves credit worthy once again, never a dull moment...

          Comment


          • #6
            Our Foreclosure got cancelled at the last minute due to an offer coming in the week before. Evidently when the Sheriff's representative came out to announce the sale had been cancelled, no explanation was given as to why.

            We learned that there was at least one buyer, besides the mortgage company's rep, that attended the scheduled auction. He went to our Realtor's office afterward. He was mad that the auction did not take place and wanted to know why. He was a buyer that had strongly considered our house and then did not buy. I guess he was trying to pick it up for less at the Sale.

            Whoever buys your house, Spirit, will have to wait out the Redemption Period before they can get the Deed/Title over into their name. Most states have a period of time, after the actual Sale, where the homeowner of record can Redeem the property. Depending on your State, the Redemption Period can range from 20-30 days to 6 months to a year. You can check the internet for Foreclosure Laws for your particular State to see how long that period lasts.
            Filed Ch 7 - 09/06
            Discharged - 12/2006
            Officially Declared No Asset - 03/2007
            Closed - 04/2007

            I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

            Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

            Comment


            • #7
              Originally posted by SinkingFast View Post
              Our Foreclosure got cancelled at the last minute due to an offer coming in the week before. Evidently when the Sheriff's representative came out to announce the sale had been cancelled, no explanation was given as to why.

              We learned that there was at least one buyer, besides the mortgage company's rep, that attended the scheduled auction. He went to our Realtor's office afterward. He was mad that the auction did not take place and wanted to know why. He was a buyer that had strongly considered our house and then did not buy. I guess he was trying to pick it up for less at the Sale.

              i heard on ours from a neighbor who found out about our house thru a friend of theres that is a realator that the realator or a friend/family member of that realator is interested in our house, this realator supposidly told our neighbor that he is friends with that our house was up for foreclosure due to bk, i personally dont think he was suppose to divulge that personal information to his friend but he did which made us embarrassed and upset that the whole neighborhood now knows our business, but anyways i was wondering if they had first dibs or what.

              Whoever buys your house, Spirit, will have to wait out the Redemption Period before they can get the Deed/Title over into their name. Most states have a period of time, after the actual Sale, where the homeowner of record can Redeem the property. Depending on your State, the Redemption Period can range from 20-30 days to 6 months to a year. You can check the internet for Foreclosure Laws for your particular State to see how long that period lasts.
              thank you i will definately check this out i thought once the sale took place and bid was excepted we were done... its a catch 22 u want it sold already so its out of your name and you can go on with your life yet your sad to see someone else living in a house your children grew up in for 16years and all that hard work you put into it right up til the end.

              Comment


              • #8
                SinkingFast i found this out:

                If the court finds in favor of the lender and issues an order of sale, the property will be sold at a Sheriff's sale under the guidelines established by the court. The borrower has the right to cure the default and prevent the sale at any time up to one hour before the Sheriff's foreclosure sale.

                Lenders have up to six months after the foreclosure sale to file for a deficiency judgment. Borrowers have no rights of redemption once the foreclosure sale is complete.

                So what does this mean? once the sale is final the lender can come after me for the differance in $ for the time period up to 6months ? gosh i hope not maybe i read it wrong???

                Comment


                • #9
                  If you included the mortgage in your BK, they cannot come after your for the deficit amount.

                  If you had not filed BK, they could.

                  Comment


                  • #10
                    Originally posted by JusticeForAll View Post
                    If you included the mortgage in your BK, they cannot come after your for the deficit amount.

                    If you had not filed BK, they could.
                    yes we included it so WHEW; then does that mean at the end of sale its completely over done with?

                    Comment


                    • #11
                      Yes, that's exactly what it means!

                      It'll be a huge sigh of relief when mine finally gets sold!

                      Originally posted by Spiritwovles_2 View Post
                      yes we included it so WHEW; then does that mean at the end of sale its completely over done with?

                      Comment


                      • #12
                        Originally posted by Spiritwovles_2 View Post
                        yes we included it so WHEW; then does that mean at the end of sale its completely over done with?
                        Since your State does not allow for a Right of Redemption, then YES you are done!! And since you included the mortgage in your BK, you won't be hit for a deficiency balance either. WOOOHOOO!!!

                        Some States only give the owner 20-30 days to Redeem the property. One State I read about, and I can't remember which one, was NINE months. UGH!! I'd hate to have to wait that long. Having to maintain insurance on the property the WHOLE time!!
                        Filed Ch 7 - 09/06
                        Discharged - 12/2006
                        Officially Declared No Asset - 03/2007
                        Closed - 04/2007

                        I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

                        Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

                        Comment


                        • #13
                          Originally posted by JusticeForAll View Post
                          Yes, that's exactly what it means!

                          It'll be a huge sigh of relief when mine finally gets sold!
                          well finally some form of good news lol. awww well keeping my fingers crossed for ya mine isnt going to be gone til december so i still have some time too...

                          Comment


                          • #14
                            Originally posted by SinkingFast View Post
                            Since your State does not allow for a Right of Redemption, then YES you are done!! And since you included the mortgage in your BK, you won't be hit for a deficiency balance either. WOOOHOOO!!!

                            yes yes yes finally great news! hahaha halleluia or however ya spell it lol

                            Some States only give the owner 20-30 days to Redeem the property. One State I read about, and I can't remember which one, was NINE months. UGH!! I'd hate to have to wait that long. Having to maintain insurance on the property the WHOLE time!!
                            oh gosh i wouldnt want to wait that long either, im going stircrazy the way it is i can just imagine what that feels like....eeeeeek

                            Comment


                            • #15
                              Thanks for the thought Spiritwovles_2! Unfortunately a sale date hasn't been set yet, and I think I'm really looking at April 2007 as the SOONEST sale date. Foreclosures go quite slowly in my state and can take up to two years

                              Originally posted by Spiritwovles_2 View Post
                              well finally some form of good news lol. awww well keeping my fingers crossed for ya mine isnt going to be gone til december so i still have some time too...

                              Comment

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