We filed bankruptcy in 10/07 and was discharged in 01/08 including the mortgage. All payments were made on mortgage on time until 03/08. The sheiff sale was on 09/25/08. We have a one year redemption period until 09/09. We received a letter from the law firm associated with our foreclosure with several alternatives including a short sale. We may even be able to sell our home for more than what we owe and walk away with a small profit. We still have several months to do so. Our home is unique as it is in the city but located on a 7 acre wooded lot with all public utilities which is rarely found in our area. We got a good deal on it 5 years ago because the previous owners were going through a foreclosure and we put quite a bit down on it from the sale of our previous home.
When is a home considered foreclosed? At the time of the sheriff sale or after the redemption period? I'm trying to figure out if it is worth it to try to sell the home unless we can make a profit. We would consider a short sale or even selling the home for what we owe if that would prevent the foreclosure from going on record or having to report the foreclosure in the future when we try to purchase a new home where they typically ask on the application if you have ever had a foreclosure.
Thanks!
When is a home considered foreclosed? At the time of the sheriff sale or after the redemption period? I'm trying to figure out if it is worth it to try to sell the home unless we can make a profit. We would consider a short sale or even selling the home for what we owe if that would prevent the foreclosure from going on record or having to report the foreclosure in the future when we try to purchase a new home where they typically ask on the application if you have ever had a foreclosure.
Thanks!
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