Mortgages
Home Equity and Refinancing
Foreclosure

Would it be possible to get financing on the home you just lost in a sheriff sale?

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Answer

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Wiki User
12/22/2006

The knee jerk response would be no, by the time you have let it go so far in the process that it has been sold in a sheriffs sale, it is now owned by someone else. In a practicle sense that is almost always true. You should have resolved the claims before the property was liqudated. It would certainly cost more to redeem it, if at all possible, now. In some states, depending on the type/reason for sheriff sale (a tax delinquency is a prime example), there is a period of redemption afterward. During this time, if you can pay the amounts required, that generally means all the accrued costs, interest and fees and value, that the successful bidder can demand, you may recover the property. If you are willing to pay the price AND have a lender willing to give you financing to do so, even after apparently defaulting on a prior obligation to pay, it is possible to essentially buy the property back. It is highly unlikely that you can find a lender willing to do so however and the property may not be worth the amount you would have to pay, and your interest cost prohibitive.