The Foreclosure Sale and Losing Your Home
The foreclosure sale is the final part of the process, but there are some jurisdictions where this is not always the case. Once your property has had a bid on it at the auction then you automatically lose any rights you had to your home. If no one bids on your property then it automatically goes to the bank by default. Either way you will have to move out or find yourself evicted.
There are some states that have what is called a redemption period, which follows the sale of your property, what this does is gives you the chance to buy your property back. Therefore, depending on what state it is that you live in, if you find yourself in this situation then make sure that you find out if this option is available to you.
The bank will set an opening bid, what this amount covers is the amount you owe the bank, so your mortgage and any other penalties and interest that have accrued before the sale began. If at the auction no one places a bid on your property of the asking price or more, then the property automatically transfers over to the bank by default. Otherwise, the highest bidder gets the property.
If you are possibly facing the foreclosure process, then you may decide to experience the process in your local area for yourself. You can find out whereabouts the sales will be held including the dates and times at your county’s register of deeds. If you find that your home is up for auction, attend the sale, that way you will know who purchased your home and if it has actually been sold.
This information is extremely important, as it may come in handy at a later stage if you find that you then have the resources to actually buy your home back, or if for some reason there was a delay in your home being sold.
If this is the case then this will give you the opportunity to get your home back.
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