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Old 10-12-2009, 06:04 AM
 
Location: Somewhere between here and there.
124 posts, read 271,320 times
Reputation: 58

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Our house was foreclosed on. We were trying to do a short sale but Bank of America kept rejecting the offers. So what happens now? It has been about 3 months and no one has tried to contact me. Will we be expected to pay off anything?
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Old 10-12-2009, 06:56 AM
 
Location: Martinsville, NJ
6,158 posts, read 10,890,837 times
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Quote:
Originally Posted by I_Feel_Fat_2 View Post
Our house was foreclosed on. We were trying to do a short sale but Bank of America kept rejecting the offers. So what happens now? It has been about 3 months and no one has tried to contact me. Will we be expected to pay off anything?
What do you mean, it's been foreclosed on? Has it been auctioned? Is it scheduled for auction? When you last you heard from them, 3 months ago, wher were things left?
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Old 10-12-2009, 07:48 AM
 
Location: I think my user name clarifies that.
8,293 posts, read 22,453,494 times
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You should probably provide a little more information here.


The one thing, though, that does jump out at me is "Bank of America." That name alone tells me you're screwed.
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Old 10-12-2009, 08:22 AM
 
Location: Somewhere between here and there.
124 posts, read 271,320 times
Reputation: 58
It was auctioned off back in Aug.
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Old 10-12-2009, 08:51 AM
 
Location: Martinsville, NJ
6,158 posts, read 10,890,837 times
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Quote:
Originally Posted by I_Feel_Fat_2 View Post
It was auctioned off back in Aug.
So, someone now owns what used to be your house, in which you still live. Do you know if someone outbid the bank's minimum, or it the bank took the property into their inventory?

At some point, someone is going to contact you. The first thing they are going to want, is probably for you to get out of the house. As to whether they will come after you for any unpaid amount, that may depend. As a rule, they take your house, and your credit gets ruined. To the best of my knowledge, that's the end of it. If I were you, however, I'd make a phone call or two to some more local experts on the matter. I've helped people to buy properties like this, so I can tell you the process for the PROPERTY, but I haven't followed the foreclosed borrower after the foreclosure, so I can't be sure what happens.
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Old 10-12-2009, 02:11 PM
 
Location: New York
2,251 posts, read 4,160,232 times
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Quote:
Originally Posted by I_Feel_Fat_2 View Post
It was auctioned off back in Aug.
If you are looking for some kind of sympathy, you have passed the point of being able to ask for help. It is no longer your home - if you are still living there, you are living on borrowed time.

Worst case - you can expect for the sheriff to come knocking at the door and telling you to get out. If you do not, they will forceably place you in hand chuffs and take you down to the police station. Then place (throw) everything out on the street and board up the doors and windows. As for your credit report - your score will drop 200 to 400 points, and the foreclosure can remain on your report for up to ten years.

Do you want the property, you can contact the lender to arrange to buy it back. But realize you need to get another loan from another bank to buy the home. With a foreclosure appearing on your credit report, chances are very slim any lender is going to take a chance on you. The only thing you could do at this point - is to have some one else get a loan for you, and arrange to buy back the home.

You need to develop a plan of action and stick to it... It is disheartening with all the help available, you did not reach out for help to save your home....
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Old 10-12-2009, 03:49 PM
 
92 posts, read 304,592 times
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Quote:
Originally Posted by Modification Specialist View Post
It is disheartening with all the help available, you did not reach out for help to save your home....

Did you READ the OP? They tried to do a short sale instead of foreclosure and Bank of America wouldn't accept any of the offers. They TRIED to avoid foreclosure by doing the SHORT SALE. They're asking what happens now that the auction has gone through. Instead of jumping to nasty conclusions read more carefully.
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Old 10-12-2009, 05:36 PM
 
3,576 posts, read 5,902,769 times
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Quote:
Originally Posted by I_Feel_Fat_2 View Post
Our house was foreclosed on. We were trying to do a short sale but Bank of America kept rejecting the offers. So what happens now? It has been about 3 months and no one has tried to contact me. Will we be expected to pay off anything?
First off, you need to tell us your state's location because of different state laws.

The banks set the price of the sell. Usually the lowest price the bank will sell the home is what is currently owed on the mortgage. Since most people who have their homes foreclosed on these days have zero or negative equity, the bank's asking price is far more than an investor (or) any regular buyer would pay for the home.

Second, if your (now former home) has been auctioned you automatically become a tenant in the house you formally owned. At this point the new owner must follow the legal procedures in your state for eviction.

I'm not sure what else I can say. You probably did not make any mortgage payments for at least 6 months-12 months. I hope you did wise planning and saved that money. Because if your home has been auctioned off, like the other poster said, you are living on borrowed time. It depends on state laws on the eviction notice. It could take 6 weeks, it could take 3-4 months. But you need to plan for alternative housing as soon as possible.

As for how much you will owe. Once again it depends on different state laws. You may or may not live in a deficiency state. If some of the loan you took out is unsecured debt, in most states you would still be responsible for as an unsecured debt and the bank would have legal rights roughly the same as what would exist on a credit card debt to pursue you. Contact an attorney for future legal protection.
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Old 10-12-2009, 05:50 PM
 
Location: Somewhere between here and there.
124 posts, read 271,320 times
Reputation: 58
Quote:
Originally Posted by Modification Specialist View Post
If you are looking for some kind of sympathy, you have passed the point of being able to ask for help. It is no longer your home - if you are still living there, you are living on borrowed time.

Worst case - you can expect for the sheriff to come knocking at the door and telling you to get out. If you do not, they will forceably place you in hand chuffs and take you down to the police station. Then place (throw) everything out on the street and board up the doors and windows. As for your credit report - your score will drop 200 to 400 points, and the foreclosure can remain on your report for up to ten years.

Do you want the property, you can contact the lender to arrange to buy it back. But realize you need to get another loan from another bank to buy the home. With a foreclosure appearing on your credit report, chances are very slim any lender is going to take a chance on you. The only thing you could do at this point - is to have some one else get a loan for you, and arrange to buy back the home.

You need to develop a plan of action and stick to it... It is disheartening with all the help available, you did not reach out for help to save your home....

Sympathy? No....we have not even lived there since January. We happen to be one of the many people laid off in the past year and tried EVERYTHING to get help. We tried refinancing and modification BUT the house needed too much work and no one would do the refi....The people doing the short sale were shocked the offers were rejected....they have only had that happen a handful of times. So thank you but I did reach out for help.....I was only asking this because nobody has contacted us even though we've requested documentation stating that this house is no longer ours.
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Old 10-12-2009, 05:52 PM
 
Location: Somewhere between here and there.
124 posts, read 271,320 times
Reputation: 58
Quote:
Originally Posted by housingnightmare View Post
Did you READ the OP? They tried to do a short sale instead of foreclosure and Bank of America wouldn't accept any of the offers. They TRIED to avoid foreclosure by doing the SHORT SALE. They're asking what happens now that the auction has gone through. Instead of jumping to nasty conclusions read more carefully.

Thank you very much. We really tried everything. My husband was laid off, we couldn't make payments for awhile, the house needed a whole new heating system (which was why no one would refinance us)....we loved our home and are sad that we had to lose it.
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