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Can your bank sell your house without foreclosure date or auction?
Wiki User
∙ 13y ago
The are several legal steps a bank must follow before your house can be sold, assuming you are actually the owner but the bank holds a mortgage on the house.
0. The bank must notify you that you have missed a payment
1. The bank must issue a demand for payment in writing to you.
2. The bank must deliver to you or have delivered to you by the sheriff a legal notice of intent to foreclose. The notice must be published.
3. The bank must go to court and get a court order to foreclose.
4. legal notice of actual foreclosure must be published.
5. House is sold at auction to the highest bidder.
If you have any questions talk to the bank and/or consult a lawyer.
Wiki User
∙ 13y ago
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What happens if a homeowner does not make payments on their mortgage?
The bank will start foreclosure proceedings. They will file a complaint against you in court and seek judgment. The house can then be sold in a sale or auction.
Can you sell your house while in foreclosure?
You can sell your house while it is in foreclosure. If the price is less than you owe the bank, the bank has to agree to the selling price first.
What is a foreclosure house?
Foreclosure is a civil lawsuit in which a bank, mortgage company or other lien holder seeks a court order to sell your property to satisfy a debt. If the court awards judgment to the lender, the lender can have the property sold at auction to pay off the mortgage debt.
What's the difference between a foreclosure auction and a regular auction?
A foreclosure auction is a forced auction. The person who used to own the property being auctioned owed either the bank or the government money. For not paying the money back, their property is sold at auction to satisfy their debt. A regular auction could be anything and isn't necessarily to pay off debt, but usually to make a profit.
How long can you live in a house without paying the mortgage?
ANSWER:The Bank will give you 90 days to make the next payment on the house. If you don't, The house will go into Foreclosure. And you'll be forced to leave. But, ya, the Bank will give you 90 Days.
What is the difference between a tax foreclosure auction and a bank foreclosure auction?
One is done by the IRS, and the other is done by your bank.
What happens if a homeowner does not make payments on their mortgage?
The bank will start foreclosure proceedings. They will file a complaint against you in court and seek judgment. The house can then be sold in a sale or auction.
Can you sell your house while in foreclosure?
You can sell your house while it is in foreclosure. If the price is less than you owe the bank, the bank has to agree to the selling price first.
How do you know when your house is in foreclosure?
You will be informed by the mortgage company or bank.
Can the bank come after me for money after a foreclosure?
Yes. If, the amount they auction the property for is less than what you owe they will come after you for the difference.
What is a foreclosure house?
Foreclosure is a civil lawsuit in which a bank, mortgage company or other lien holder seeks a court order to sell your property to satisfy a debt. If the court awards judgment to the lender, the lender can have the property sold at auction to pay off the mortgage debt.
Can I really buy cheap houses at a foreclosure auction?
Foreclosure auctions are some of the best places to buy cheap houses. Normally the bank is just trying to get their money back and is willing to sell the house pennies on the dollar so you can end up getting a bargain
What's the difference between a foreclosure auction and a regular auction?
A foreclosure auction is a forced auction. The person who used to own the property being auctioned owed either the bank or the government money. For not paying the money back, their property is sold at auction to satisfy their debt. A regular auction could be anything and isn't necessarily to pay off debt, but usually to make a profit.
If you made the payment but the bank says you didn't on the foreclosure statement but is the foreclosure valid?
No, it's probably not a valid foreclosure at this point. This is what the foreclosure hearing will be meant to establish. The fact that the bank is pushing the house into foreclosure does not mean that they will be allowed to sell the house at a public auction. Instead, they will have to sue the homeowners through the court system and obtain a judgment, based on nonpayment of the original mortgage. The judgment will be the impetus for selling the home at a public sheriff sale, and proceeds from the foreclosure auction will be used to pay off the judgment. However, if the mortgage has been paid as agreed, this evidence should be presented at the hearing to the court. The court may request more documentation from the lender to back up the charge of defaulting on the loan. If the loan has been paid as agreed, then there is no grounds for a foreclosure judgment to be issued.
How long can you live in a house without paying the mortgage?
ANSWER:The Bank will give you 90 days to make the next payment on the house. If you don't, The house will go into Foreclosure. And you'll be forced to leave. But, ya, the Bank will give you 90 Days.
Whenyour home is in foreclosure can a bank auction it off at any price and leave you with the difference or are laws in place stating how much they can auction it for I live in Ohio?
They can sell it for $1.00 if it is a auction and you can be libel for a deficiency judgment.
What does the real estate foreclosure action determine?
Just like other real estate auctions, it is also a normal auction. When the borrower didn't pay a bank loan then the bank sends a notice to him to pay EMI's within 60 days, but if he didn't pay then the bank seizes his property. banknilami also runs auctions daily on their portal for properties in India.
