A friend of ours is losing her house. Her Sale date is today. What happens during the Sale and after the Sale. Anyone who has a true expereince please advise. Thanks!
2007-02-27 00:11:50 · 2 answers · asked by Terae r 1 in Cars & Transportation ➔ Buying & Selling
The high bidder (if it is not the mortgage holder) has a specified period, like 10 days, to deliver the balance of the purchase price to the sheriffs office. If she does that, the sheriff issues a foreclosure deed to the bidder, which the purchaser records of record and is now the owner.
If the sale produces bids in excess of the mortgage debt, the excess gets paid to the former owner/debtor. This rarely happens.
2007-02-27 00:16:17 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Sheriff will sell the house to the highest bidder. Sometimes that can be the mortgage company itself to help protect its interests, and they will sell it through their own real estate division. If the balance due on the home is $100/K and the sale nets $85/K, unless your friend is in bankruptcy, they can still be held responsible for the diffrence. If the home sells for more than $100/K they will get back anything left after expenses. Its a sad situation especially if your friend is a good hard working person who was always responsible and just happened to get caught up in a bad situation such as a job loss or divorce. When it rains it pours. I lost my significant other who I caught cheating red handed, then they filed bankruptcy on me and left me holding the financial time bomb, and then I lost my job due to down sizing. Tripple whamy all within 1 year. I lost everything, my love, my job, my belongings, my home, my dignity, and my credit. It is not a good feeling and does make you angry.
2007-02-27 08:27:02 · answer #2 · answered by Sane 6 · 0⤊ 0⤋