Foreclosure? Not too many options...?
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Answer:
Typically when a house has sold at an auction, it means that the bank has foreclosed on it and now owns it or sold it to someone who bet at or above the credit bid (what's owed). But I guess you live in a state where you have a redemption period.
I believe at this point your credit is already ruined. Was the home actually sold at auction or did the bank have to take it back? If it's sold, they should give you the difference between the selling price and what is owed to the bank (if there is any difference).
Any investor you call now will need to front the cash to redeem the house. Try it out and see what they have to offer, if anything.
Regards
I don't understand, you seem to be giving conflicting information. First you say "the house already sold at auction" but then you want to know if you can prevent the foreclosure.
If the house has already sold at auction then the foreclosure is complete. Grab your stuff and get out now...today...before the sheriff's deputies throw you out and put your belongs on the curb for passers by to keep.
If the auction has not happened yet, do everything you can to sell the house, even if that means selling it to an investor. You'll need to make arrangements with the bank to sign a note for the deficit if any. You won't be able to sell it otherwise.
File chapter 7 fast it stops all foreclosure you make no payments for a couple of months your get yourself back on track I speak from experience
Please look into possibly having www.naca.com help you.
They are a non-profit housing advocacy group that does it's own mortgage financing and sometimes will refinance your loan so you can keep your house. They are not predatory--they actually got their money from a lawsuit against Fleet Bank a few years ago for predatory lending practices. They won the lawsuit and use the money to help people get into and keep their homes.
Your question does contain somewhat conflicting information, but a few options are:
Refinance
Quickly file bankruptcy.
Ask the lender to enter into a payment arrangement which will require a substantial down payment - usually a minimum equal to the total of the legal fees and costs associated with the foreclosure and maybe a small portion of the mortgage payments in the rears. Also with this arrangement you will do alot of paper work and will need to explain why you are behind and why you can now pay your full mortgage and an additional amount to catch up the amount of the remaining missed payments.
This option is well worth it if you can do this.
I don't think it's possible for the bank to actually sell the house (at auction or otherwise) without your permission until they have been awarded the title to the property from the courts, and have a judgement of foreclosure, AND have obtained what is called "possession" from the courts -- these two things usually happen at the same time in court.
If either of these two things have happened, RUN! the sheriff will be out to evict you and your belongings.
If they don't have legal title and possession, selling is an option.
But, BE VERY CAREFUL when selling to an investor, if the investor doesn't offer all cash to purchase the property and needs to obtain financing from a lender, which he or she may NOT get, and you only have a small amount of time to close the sale, this could still result in you loosing your property to the bank.
Hope this helps.
I am by no means any kind of expert in this field but I believe you can find someone who will buy your house and let you lease it back until you can afford to buy again. Go to NRU.com and look for investors.
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