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The mortgage company will buy the property if no one else does, but if the auction is cancelled so even a representative of the mortgage holder does not show up for the auction, you may still be the owner.
Check the registry of deeds for your area for a foreclosure deed, usually filed within 30 days of the auction.
If you remain on the property, you may be asked to pay the same amount "in lieu of rent" that you were paying on the mortgage and stay on the property until another buyer is found. You may be offered money to help find a new place.
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∙ 11y ago
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What is the difference between preclosure and foreclosure?
Be aware that a pre-foreclosure property is not necessarily for sale. The pre-foreclosure stage is the period between the time in which a Notice of Default (in non-judicial foreclosure) or lis pendens (in judicial foreclosure) has been issued to the homeowner and after the property is sold at a foreclosure auction.
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.
Can a foreigner buy a property in an auction for foreclosure?
Yes. A person does not have to provide proof of citizenship to purchase real property in the US.
How long does foreclosure take?
This varies depending on which state you live in. It is typically around 6 months from beginning of foreclosure to the end (when the property is sold at auction).
How does a foreclosure affect an investor purchasing a property at auction?
the person could go into a lifetime of debt....NOT GOOD!
What happens if the home fails to sell at the foreclosure auction?
by definition, a foreclosed property has to have someone file the foreclosure usually due to them being owed money and the property is security on the property. This is not cheap or free. Hence, there is always a "buyer" out there which is often the lender.
Are there any legitimate foreclosure auction websites?
prlog.org is one of the legitimate foreclosure auction websites.
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.
Do you get the best deal by buying a house at a foreclosure auction?
Yes, you get the best deal by buying a house at a foreclosure auction. You can read more at www.realtytrac.com/foreclosure/Auction/how-to-buy-homes-at-auction.html
What is a reo property?
REO (Real Estate Owned) is a class of property owned by a lender, typically a bank, after an unsuccessful sale at a foreclosure auction. A bank will typically set the opening bid at a foreclosure auction for at least the outstanding loan amount. If there are no bidders that are interested, then the bank will legally repossess the property. This is usually the case as the amount owed on the home is probably higher than the value of this foreclosure property. As soon as the bank repossess the property, it is listed on their books as REO, and is categorized as an asset (non-performing).
How do you know if a foreclosure proceeding on your home has been initiated?
Generally you will be given notice by certified mail that a foreclosure action has been initiated. In most jurisdictions the notice will be published in your local newspaper for successive weeks and will include the date of the auction. Once the property has been sold at auction it is no longer your property. You should already know of the impending foreclosure by the late notices you will have received from the bank.
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.
