house already sold at auction
2006-10-11 06:10:37 · 5 answers · asked by jcck4life2000 1 in Home & Garden ➔ Other - Home & Garden
Sounds like the first mortgage holder successfully foreclosed on the loan and took possession of the house. It also sounds like the the first mortgage holder subsequently sold the house at auction to recover as much of the principal of the loan amount as possible. Unless all debts that were secured by the property were satisfied, whoever bought the property at auction now holds the title to a piece of property that may very well still have claims against it. Those claims will have to be settled before the buyer can hold a "general warranty deed" free of any encumberances.
Most people or businesses who buy these properties at foreclosure auctions are savvy real estate investors who know the ins and outs of this complicated process.
I hope that this was not your home.
Good luck with your real estate investments.
2006-10-15 05:12:07 · answer #1 · answered by exbuilder 7 · 9⤊ 0⤋
Hopefully all money owed will be payed by the sale other wise you are in debt for the remainder. You also wont be looking at buying a new home anytime soon as no bank is going to touch you, too much of a risk.
Your credit score has made a downward spirial and I guess youre a very unhappy person. Hopefully you wont find yourself bankrupt.
2006-10-11 06:18:46 · answer #2 · answered by tassie 3 · 0⤊ 0⤋
Bank sells house to highest bidder; a real estate broker bought the house from the bank. Hopefully, any money left over after what was owed to the bank goes to the people.
2006-10-11 06:12:25 · answer #3 · answered by god knows and sees else Yahoo 6 · 0⤊ 0⤋
Um you are SCREWD for a LONG time, you will not be buying another house for a while! Sucks to be you!
2006-10-11 06:13:04 · answer #4 · answered by Anonymous · 0⤊ 0⤋
i hope you can find a rent house
2006-10-11 06:19:37 · answer #5 · answered by Anonymous · 0⤊ 0⤋