After the Sheriffs Sale

[olive-n-gin]

My home was auctioned at a sheriff sale on August 29th. I had originally seen a lawyer about filing ch 13 - but he felt that my house wasn't worth it. The past due mortgage payments were up to 18,000 and he said my bankrupcy payments would be about 1000. On top of the 1700 mortgage payment.

After thinking it over I decided I would rather save my home. But I waited too long and couldn't get a lawyer to see me in such short notice.

So now I have to decide what my next best step is. It's not too easy to relocate. I have a 6 yr old daughter and a 10 yr old dog that is 90 pounds. I can't even move into a trailer park because they have weight restrictions for dogs (and mine is way over - but i have to say she is sweet and mellow - just an old lady).

With a foreclosure on my record will I even be able to find a home to rent?

I have a 6 month redemption period. I don't think it makes sense to refinance at a higher interest rate - but maybe?

I have a lady who has approached me for doing a short sale - but I don't see how that really helps me.

Can I still put my house on the market? Do I have to work with the lenders lawyers? Can I make the profit (if any) if it's not a short sale?

Can I sell it "FSBO"?

How long until I can purchase a home again at a "reasonable" interest rate?

How can I find a home contract for deed?

I think this ends my questions.

Oh, what does all this mean??? (see below) I've seen others make references as such:
Filed - Completed
341 Meeting - Completed
Discharge - Completed
Auction - Completed
Case Still Open - 674 days & counting - VERY UNUSUAL


Thank you!
Olive-n-Gin
nickname for my daugher dog combo

[SinkingFast]

At this point, the only person that can buy your house is you.

The owner of record can pay whoever was the high bidder at the Sheriff's sale, generally the Lender, and Redeem the property.

When you do Redeem, you're gonna pay much more than the principal balance. The Lender will have added all late fees, penalties, interest due, AND legal costs of the Foreclosure on top of your principal balance.

Based on what you've said, you have 6 months to come up with the money. You would have to have had a chunk of equity in your house in order to refinance the monies due to pay off the High Bidder from the Sheriff's sale.

You can rent with a Foreclosure on your Credit. You've got to be careful but it can be done. Many private individuals don't check Credit. Some smaller "corporate" type Landlords don't even check Credit.

We're in a "corporate" owned situation. Our Landlords are a couple guys who are partners in a construction company. One guy's wife is a Realtor. She shows and rents the properties. If she likes you, you get a copy of the Lease. If she doesn't like you, she tells you to call her when you decide something. I told her about our Foreclosure up front. That's when I found out she doesn't do a Credit Check. At that, the only thing she asked for was a letter of employment. I asked if a copy of Hubby's paystub would do and she said yes.

Ask what prospective Landlord's Credit check procedures are before you apply. Many larger apt complexes do check Credit. You don't wanna waste $$$ in app fees and then be turned down.

[Minnymouth]

Sounds like you have waited too long and the financial obligations to try and "save your home" have gotten way out of proportion now.... It sounds like you are the to stage to "cut your losses" and go on with your life and find another home..... The expense of getting this one back, hardships in trying to keep it and pay everyting may just be too much....

But you will have to decide that issue....

Yes you will be able to rent, and in the future possible own your own home again shortly...

The part at the end of your case that says everything is completed except the closing....... This will not say "closed" until all parties are paid by the Trustee and he has met all his financial obligations to the Court.... and in your case it has took a long time settling everything up with the house.....

He will probably shortly file a petition with the Court of his final report and your case will be closed when the house issue is settled and everyone is paid....

Your case should be coming to an end, and yes your case was one of the longer ones that has to go thru the entire process.......

Hang in there, it won't be much longer I'm sure....

[SinkingFast]

After thinking it over I decided I would rather save my home. But I waited too long and couldn't get a lawyer to see me in such short notice.


Thank you!
Olive-n-Gin
nickname for my daugher dog combo

I am curious.

How close to your Foreclosure Sale were you when you sought an attny to help you protect your home??

[Minnymouth]

Yes, I'm curious also.....

As I purchased my home back from the buyer at the sale, right after the auction.... (they just outbid me at auction)....

I owned my home again within 3 days.....

Keep us posted.

[olive-n-gin]

Thank you for all of the feedback.
I tried to see a lawyer on Friday & Monday with the Sheriff Sale being on Tuesday. Unfortunately, with my new job it was hard to find much time to make phone calls - but I did make a lot of calls & just couldn't find a lawyer who had time to fit me in.

I'm almost accepting the reality - I guess once I find a place to move I may even relish the "stress free" life.


Julie

[Minnymouth]

Its very traumatic to have your home siezed and auctioned or even forclosed and auctioned off...... Been there, done it.......

Fortunately I was offered the opportunity afterwards to buy mine back and was able too.....

If your not in that position, then my heart goes out too you.....

After bankrutpcy sometimes the financial burden of just trying to get it back and keep it (struggling to keep it) can be overwhelming.....

Then you have to be realistic about your circumstances, possibly make the decision to "get on with your life" and start over again "new"......

Later you may realize that it "was all for a purpose", even though you don't know that purpose now......

Hang in there, keep us posted as to what you decide to do......

[olive-n-gin]

It's amazing how much comfort it is in just talking to those who have "been there - done that!" There aren't many people you can talk to about losing your home.
Thanks Minnymouth!

Julie

[Minnymouth]

Olive-n-gin,

The traumatic experience and stress of having your home seized and auctioned (and you were told you would "keep it" by your attorney) OR having your home foreclosed and auctioned is overwhelming in it'self without the rest of the other bankruptcy process involved....

The self anger at yourself (for getting into this kind of mess), the feelings of complete helplessness, (life your life is completely out of control), the uncertainties (what do I do now?), the anxiousness, the panic attacks that can follow, he instant asthama attacks, sickness that seems to overwhem you from the shock of it all too your system.....

All the of above can take a terrible toll on you life....... before, during, and after the bankruptcy process...

In the end to maintain my sanity during my bankruptcy I had to constantly "remind myself" THAT - what ever happens - I have to ACCEPT and get on with life..... no matter the outcome of it...... ALL WAS OUT OF MY CONTROL.... IT WAS IN THE HANDS OF THE TRUSTEE..... And of course I had a Trustee THAT SUCKED............. all he saw was $$$$ signs when he found he was in a postion to "seize my home".......

With my attorney and Trustee, there was "NO WORKING NOTHING OUT"......NO PROTECTION OF MY INTEREST..... NO FIGHT FOR MY ASSETS... JUST SEIZE AND SPLIT THAT MONEY............. To this day, I believe my attorney was "bought off" and "sold me out"...... and will find out in the future thru other measures I take... The very company that "CAUSED" all my grief (because of their sloppy paperwork)is the very company that "MADE THE MOST" out of all the little deals that were done and settled without my knowledge...

If I inquired about something I always heard "no news" till it was all over, done with, and in writing to the Court....... If I said something about an appeal, I was always told "no case" - "wasted effort" - "not going to happen".....

I feel that in my case "my rights" were denied and not protected as a bankruptcy filer. My attorney DID NOT WORK IN MY BEST INTEREST - HE COVERED HIS OWN @@@...... and the Trustee made sure he got his pockets lined off of my assets.

Thankfully my bankruptcy - I HOPE - is almost over.... at least with the actual closing of the case soon... (maybe)...

Other things involving it will follow later on after its closed...

Sometimes a "simple Chapter 7" can turn into a 2-3 year nightmare, due to the negligence of professional people who we turn our lives over too during the bankruptcy process....

Many experience a good, smooth bankruptcy process, and God I hope they are so THANKFUL FOR IT....... I wouldn't want ANYONE to experience what I went thru doing mine..... the fears, the anxiety, the nerves, the helplness, the unknown future.... ALL OF IT.....

Yes, if your bankruptcy takes a turn for the WORST - some of us have been there and done it also.... DON'T EVER THINK YOUR ALONE IN YOUR STRUGGLES......

My thoughts this morning.....

Minny