My home in Nevada is set to go to public auction in two weeks. I have been trying to sell for several months. The bank has agreed to a short sale however they declined each offer that I recieved. Now I am notified of the public auction and I am confused by this process. Does this mean that after the public sale the house has been forclosed and I am no longer responsible for this home? I have not lived in the home for months so eviction is not necessary. What if it does not sell? What is the next step?
Thank you.
2007-09-15 11:13:44 · 7 answers · asked by Shannon D 1 in Business & Finance ➔ Renting & Real Estate
it means your home has been auctioned off ater foreclosure. they will come after you for the balance of the loan amount you owe them. after the sale!
2007-09-15 11:25:31 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Yes it is the same thing as a forclosure, the only way you will have financial responsibility with your home is if it sells for for less than you owe on the house. Most public auctions, at least in my state have a starting bid of what you owe. Not sure how your state works.
2007-09-15 12:08:17 · answer #2 · answered by Momof2 3 · 1⤊ 0⤋
What it means is your home will be sold at auction on that date. Now I don't know what the laws are in Nevada, but you normally have a period of time called the "right of redemption" to buy back the property for whatever the bidder had to pay and maybe more. They will tell you specifically if and when you have to be out of the home.
2007-09-15 11:25:10 · answer #3 · answered by Anonymous · 0⤊ 0⤋
the guy that mentioned real property brokers love short revenues do no longer understand what he's speaking approximately. each and every agent i understand unquestionably hates them and avoids coping with them altogether (on the purchase facet and on the sale facet). on the sale facet there is mounds extra artwork to do (the fast sale kit, the seller's financial statements, and sitting on the telephone ceaselessly negotiating with the financial organization...) i ought to circulate on and on... In So. Cal RE brokers make lots with financial organization owned residences... as much as two.5%-4.0% fee on the two sides... enormously extensive-unfold. And the transactions are lots extra straight forward... much less to demonstrate and no issues...... Sorry, merely had to sparkling that up. yet $one thousand quite isn't so lots extra interior the scheme of issues. per a 6% mortgage, its like an extra $6 a month. there is no assure this homestead will foreclose merely because of the fact the seller is in a bind. the wonderful thank you to learn is to make certain if a NOD (observe of Default) or a Trustee's Sale has been placed on the valuables... your agent can try this by ability of observing the tax records. in case you have no longer have been given an agent, i can help while you're in Riverside/San Diego counties... merely provide me the handle and that i would not suggestions looking it up for you. as quickly as foreclosed, you're able to be able to ought to attend a on an analogous time as until eventually it hits the industry. The financial organization will carry a Trustee's Sale and public sale the valuables off to the optimal bidder (they do have a minimum even with the shown fact that) and this regularly desires to be an ALL funds bid. IF no person buys it on the inital public sale, the financial organization desires to evict the proprietors, do value determinations and do mandatory maintenance (maintenance that are needed to get carry of loans, and so on). the completed technique ought to take months.... you need to objective to touch the financial organization to put in an furnish, even even with the shown fact that it quite is quite complicated to get the superb people on the telephone. Your agent would not be paid in this occasion and that i doubt in the event that they could dig around for you... So if it quite is the homestead you rather need, then merely conflict via with it. danger is while you're on the top of a quick sale, you're under pressure.. yet gentle is on the top of the tunnel... STICK IN THERE! that's totally practically over. wish this helps!
2016-11-15 08:00:44 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Yes, that is a foreclosure. If there are no other bidders, the lender will take title to the home. Depending upon the wording of your mortgage, you may have a debt for any shortfall when they eventually sell the home. If your mortgage is without recourse, there will be no debt to you. If the mortgage is with recourse, there may well be a debt to pay.
Also, if the mortgage company writes off any remaining debt as uncollectible, that is considered income by the IRS and is subject to income tax unless you are insolvent at the time that the debt is canceled.
2007-09-15 11:30:27 · answer #5 · answered by Bostonian In MO 7 · 1⤊ 0⤋
There is no "right of redemption" on trustee sales only sheriff sales.
2007-09-15 11:33:30 · answer #6 · answered by Leo F 4 · 1⤊ 0⤋
Same is foreclosed.
2007-09-15 11:19:49 · answer #7 · answered by Bob D 6 · 0⤊ 0⤋