what happens if our home auctioned on the courthouse steps is not purchased?

Submitted by Connie Wisesan from CA - 04/20/2011 - 10:23am

If our home does not sell in auction and goes back to the bank, what happens next? Does it go back to auction. More is owed on the house then the bank loan amount. What happens next?

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Submitted by jan - 04/21/2011 - 12:09pm

If our home does not sell in auction and goes back to the bank, what happens next? Does it go back to auction. More is owed on the house then the bank loan amount. What happens next?

Submitted by Michelle - 04/21/2011 - 1:27pm

Hi Jan,
At trustee sale the foreclosing lender gets to make the first bid which is called the opening bid. It can be as high as what is owed on the foreclosing loan or it can be substantially discounted. If no one bids above the bank then the property is officially sold to the bank for their opening bid. At that point the bank now owns the property and will assign it to an agent that will perform an occupancy check and determine if the occupant is an owner or a renter. They will serve the appropriate notice to vacate or negotiate a cash for keys agreement for the occupant to be out by a certain date. If an agreement cannot be made then the lender will evict the occupant by filing an unlawful detainer and eventually the sheriff will escort the occupant off of the property once a judgement is entered.

Submitted by shakia Andrews - 01/16/2012 - 1:55am

Please visit our website and call me at 866-607-0318 ext. 2032. Or E-mail me ASAP. We can definately stop your sale and lower your payments on a low fee. We have a group of mortgage underwriters and mitigators that will assist you and contact your lender, by represention, to get you a lower rate, and restructure your loan.
www.mymembership.org
If the home was already sold, We can preform a reversal of the sale for $2500 and keep you in the home without making a payment for up to 2 years

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