My home didn't sell at the sheriff's sale after foreclosure, what happens now?
Answer: Another sale will be scheduled until someone buys the house and pays off the outstanding liens and fees.
Depending on the state, if a writ of possession has been issued to the mortgage company - they decide how to dispose of the house. The first thing they're likely to do is file for an order of ejectment to remove you from the property. Once the ejectment order has been issued - a nice sheriff will ask you to leave as your belongings are placed on the street.
Also, why would a lender want to repurchase a property that already has a lien on it. The lender has no incentive to bid and double their liability unless one is dealing with a sub-prime or questionable lender.
The bank now owns the house....they may or may not seek immediate eviction....they will now list it as a regular home for sale with a broker...(my bet is they want you out as soon as possible) Good Luck
It may go into REO properties ie, the bank sells it for the foreclosed amount or less.
What Bob said, plus the fact that you may still be responsible for what the difference is between the price the bank gets and what you origianally owed. Check your local state laws and the paperwork you were served when you recieved your notice of foreclosure to confirm.
I can promise you it did sell. The lender (who is the one foreclosing) ALWAYS bids at the foreclosure/sheriff's sale. In fact, they make the first bid--for the amount of the balance of the loan. If no one else bid higher, then they won the bid. They will likely serve you with eviction papers--it's very rare for a lender not to start the eviction process immediately after foreclosure, although I have know of a few, unusual cases where it's been delayed--and list the property for sale.
EDITED TO ADD:
LOL, Oh my God. I don't know who gave me a thumbs down, but I have 15 years mortgage servicing experience with one of the largest mortgage companies in the U.S. (and we serviced loans in every state). I can assure you that I DO know what I'm talking about.
A lender bids at the foreclosure sale because it allows them to take ‘ownership’ of the property, and until they do that, they can’t sell the property or evict the mortgagor. The lender bidding at the sale does NOT ‘double' the debt.
The specifics will be determined by your state's foreclosure laws.
In general, though...
The bank probably entered a default bid in the amount of the judgment that was against the house. That means that the bank is now the owner of the property.
In terms of what happens next, you will either have a redemption period, or the eviction process will be started after the sale is confirmed.
Some states allow the owner to keep living in the property for some time after the sheriff sale. This period of time is called a redemption period, and gives the borrowers the chance to pay back what they owe to the bank and still remain owners of the property. The time frame for the redemption period is determined by state law (6 months after the sale in Michigan, 7 months before the sale in Illinois, no redemption in Iniana, etc.), so you should look up your state's foreclosure laws.
After any applicable redemption period, the eviction process will begin. If there is no redemption period, this process will begin right after the sale is confirmed (usually takes about 7-10 days to confirm a sheriff sale). The eviction process usually takes about 3-4 weeks, depending on all of the circumstances. The bank will ask the court for possession of the home that they now own, and the courts will order the county sheriff to give you notice and then remove all people and property from the house on a scheduled date.
That's generally how the process works when a home is sold back to the bank, or there is no third-party purchaser at the sheriff sale.
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