the house is located in michigan... can you still sell it privately at this point?
2007-10-28 05:34:53 · 7 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Say if you want to sell it to a relative.. who can take out a mortgage and pay for it.
2007-10-28 05:36:36 · update #1
You have until the auction takes place to make other arrangements for it. Your relative will need to be able to close the escrow before the auction, a simple offer will not be sufficient,
If it is a tax sell you have 2 years AFTER the auction to reclaim the property, but in that case you have to do it yourself, not a relative.
2007-10-28 05:40:03 · answer #1 · answered by Landlord 7 · 2⤊ 0⤋
Nothing is final until the hammer falls. Even then, if the winning bidder fails to close the sale it could go back on the block. That's rare, but it can happen.
Whoever bids on the auction will be bidding against the lender. The lender will usually bid the price up until it reaches the current balance owed (or something very close to it) so don't expect anyone to get a bargain. If the lender lets someone win the bid for substantially less than the balance due, they lose out on the shortfall. In many instances they can't go after the owner for the shortfall (non-recourse mortgages) and even where they can, getting anything out of a destitute borrower may be impossible.
Until the actual auction date you are still able to sell the property to the buyer of your choosing. However if the sales price is less than the balance of your current mortgage(s) the lender(s) will have to approve a short sale. Depending upon the numbers, most lenders will work with you on a short sale as it gets them off the hook for having to run through the foreclosure process, evict the owner, and then try to sell the property.
If you have a legitimate buyer in the wings, contact the lender immediately and see if you can work out a short sale and avoid the foreclosure. A short sale might hurt your credit (but even that is negotiable) but it won't clobber you in the way that a foreclosure would.
2007-10-28 05:58:46 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋
It really depends where you are in the process. If you can get the payments current, call the lender and ask them if they will work with you to prevent the foreclosure. As a rule they don't want to foreclose any more than you do. If you can't work something out with the lender, I like the other suggestion of contacting a lawyer. It may be possible to save the home, even if you have to file bankruptcy. If the auction off the house, you will be in very bad shape. You lose the home, and you will still owe plenty of money on it. With a foreclosure on your credit report, there is not a good chance of getting another home in the next seven years.
2016-04-10 23:15:47 · answer #3 · answered by ? 4 · 0⤊ 0⤋
I think it is too late, but I guess you would have to check with your lender. To foreclose on a house takes a lot of legal paperwork; involves lawyer fees, filing fees, etc. Had to go through court to get a date for auction. So all those fees would have to be repaid to lender either before or at the time of sale. All I can say is talk to them and see if you can still work something out with them.
2007-10-28 05:40:24 · answer #4 · answered by claudiacake 7 · 0⤊ 2⤋
It's not over till it's actually sold at the public auction.
Since the house will sell for so little comparied to it's actual value I'd say have the relative bid on it at the auction. They'll get a good deal.
2007-10-28 05:45:35 · answer #5 · answered by Anonymous · 0⤊ 2⤋
Contact your lender. I'm sure they'd rather sell it before losing money at an auction.
2007-10-28 05:57:46 · answer #6 · answered by One Bad Mama Jama 4 · 0⤊ 0⤋
at this point you have no power over the sale the lender and atty has the final say so..more so due to the fact that they are the ones that will hold up the paper work..
2007-10-28 05:54:41 · answer #7 · answered by chaoswantsangel 3 · 0⤊ 1⤋