Sale Date Set - But Nothing on Pacer

[demismom]

I'm in Michigan and I just got a letter from the Lender's attorney advising us that foreclosure proceedings have started and that on Sept 20, 2007 at I think it said 10:00 at the local Court house will be a sale for our house. The redemption period is 6 months unless blah blah blah, then it is 30 days.

Is this what is called the Sheriff's sale? Am I then obligated to house after September 20th or does the mortgage company then have ownership of the house? We haven't lived there in over 2 years, we surrendured it. Plus there are 3 years worth of taxes, what happens with those?

Nothing is on Pacer about any of this. Just curious.

[lrprn]

Is this what is called the Sheriff's sale?

Yes.

Am I then obligated to house after September 20th or does the mortgage company then have ownership of the house?

After the sale, whoever bought the house (usually the mortgage company but could be a private buyer) owns the house. Most buyers will expect you to be out of the house after the sale date, but some allow you to stay for a specified period so the house doesn't sit empty....just depends.

Plus there are 3 years worth of taxes, what happens with those?

The buyer assumes responsibility for all delinquent taxes.

[demismom]

Thank you SO much LPRN! I've done lots of reading, but you put it in laymen enough terms I could understand! Too bad my home insurance is due on the 12th of the month, I wonder if I can stall them long enough to not have to pay it? I don't want to get in trouble and I certainly don't want to become uninsured if something happens. Maybe I'll just pay it and try to get a refund.

[poorme]

Your foreclosure sale won't be on Pacer. That action is not part of the bankruptcy court's jurisdiction, but rather your local court & sheriff. The lender would have filed a Motion for Relief from Stay - that's in Pacer, but that just enables them to proceed with the foreclosure process.

[demismom]

Does anyone know if since I've already filed (before the foreclosure came to be) if any deficiency can/will be included in the bankruptcy?

[lrprn]

Does anyone know if since I've already filed (before the foreclosure came to be) if any deficiency can/will be included in the bankruptcy?

As long as you didn't sign a reaffirmation agreement with your mortgage lender(s) and (of course) the mortgage(s) are listed in your bankruptcy, then if the house is sold after you filed, you are not responsible for any deficiencies left on the loan(s).

[demismom]

Oh thank you LPRN! The mortgage is indeed included and we specifically stated we were surrenduring the property.