What happens if no one buys your preforeclosed house at the auction date?

Question

a neighbors house is under preforeclosure and it had an auction date. Then a month later, it had a new auction date. Now that date has also passed and that status is listed as "inactive". Do they keep putting the house on auction every month until it sells? and why is it now listed as inactive?They are still living there so how long before they have to move?

Answer 1

Usually the bank will "buy" it back at 2/3rds the appraisal amount, and then try to re-sale themselves. When a house goes in foreclosure, the owners sometimes live there a year before being forced to move, and all the while, paying no rent.

Answer 2

Do you know who owns the mortgage loan?



I have read that both Fannie Mae and Freddie Mac are suspending foreclosures until after the holiday season. This may be the reason your neighbors have not received official notice of foreclosure from the lender.



Then again, it may be that the bank is so swamped with other *issues* that this property may be under their radar for now. But, I don't imagine that anything will escape notice once the property is rediscovered by the lender.



The occupants will be notified once the property is taken over and an eviction date should be part of the notice posted on the property and received by mail.



I would recommend that your neighbors do not ignore mail they receive from their lender or any local law enforcement.

Answer 3

in case you knew that the sale date became January 14, how are you able to assert which you were not recommended of the foreclosures public sale? besides, the financial corporation is merely required to place up a word on the front door of the valuables approximately 30 days until now the widespread public sale telling you while the widespread public sale is and notifying you to vacate via then. If somebody buys the valuables at public sale, it fairly is theirs and you at the instant are trespassing in case you have no longer left yet. The financial corporation might additionally purchase it at public sale in the event that they think of the bids have been too low. they might then positioned it on the open marketplace and get what they are able to for it. yet, it fairly is nonetheless theirs and you're trespassing in case you have no longer moved out yet.

Answer 4

. . . .and it's your business because. . . . . .?

Economy is lousy, houses are declining in value and still not selling.

A cure of the foreclosure may be in the works.