Is there is difference between foreclosure and auctioning your house, after they auction your house off how...
Question:
Are you talking about the bank auctioning it off? I'm going to assume so.
No, there is no difference.that is how they sell it. You will get evicted by the date the Trustee sends you...you don't get to stay until it sells, and don't necessarily expect a 30-day notice, b/c on foreclosures, the law gives a bank very broad powers in this regard.
If you know for an absolute fact you need to move, then start now.
Keep in mind that if the proceeds do not cover what you owe, the bank can seek a deficiency judgement against you, which is your incentive to leave the property in good condition. I have seen these over and over again, and they are 100% legal. It's no different than a car getting repo'd.
What I would recommend is a Deed-in-Lieu...it's a foreclosure with (usually) a prior agreement that they will not seek a deficiency judgement against you if you leave willingly.
The foreclosure is the act of finding you in default of your loan and the lender assuming ownership of the property. You are evicted at that point.
At foreclosure the bank owns the house and you have no right to be in it unless some sort of deal was made prior.
The auction process is the lender's method of selling the house in an effort to recoup some money for the house relative to the money you owed.
Let's say you owed $100,000 when the bank foreclosed. At Auction the bank only realized $85,000. You could and probably will be held liable for the remaining $15,000.
Does that help?
I have NEVER heard of anyone being liable for any monies after a foreclosure sale. Cars, most definitely, houses, NO. Not even in Alaska is this done..
You'll get your notice when you have to vacate. I sure wouldn't be sitting there doing nothing right now, they can just lock up your house and everything in it will be theirs. Come home from work or the store some sunny day and there's a big pad lock on your door and boarded up windows. They can do it and have. Don't get caught up in this.
My cousin was offered $3,000 to leave early by her mortgage company and she took the offer. Read your papers, it will tell you what you need to do. And Good Luck to you, you are not alone in this...things WILL get better for you!
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