If your home has just been sold, you may be wondering what will happen after the foreclosure auction. Can you do anything to try to get your house back? When will you have to move?
Right of Redemption After the foreclosure auction is completed, you may have the right to try to get the property back through the right of redemption. This is a law in some but not all states in the US. Basically you would have to come up with all of the money that you owe your mortgage company, not just back payments but the entire loan amount. Not a very likely scenario for most people but you never know. Check the laws in your state to find out if this applies.
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Legal Action If you believe that you were wrongly foreclosed on and that the foreclosure auction should not have gone through, you should contact an attorney immediately to see what your options are. If you were in the middle of a workout arrangement with your bank and you were complying with the terms of the agreement, you may be able to get your home back. The quicker you act after the sale, the better.
Eviction Eviction laws vary from state to state but you can expect to get an eviction notice once the foreclosure sale has gone through. In some states the purchaser has the right to immediately take possession of the house so it is best if you already have a place to stay and have your property removed before the foreclosure auction is complete. If you haven't, try to workout a reasonable timeframe with the new owners before you get an eviction notice from them.
Deficiency Judgment If your home was not sold for the full amount due the lender, they may have the option to try to get the remainder from you after the foreclosure auction. The bank would have to get a deficiency judgment against you. The rules on this vary by state and in some situations banks do not have this option. If they do end up coming after you for this money, bankruptcy may be a way to wipe out that debt. There are qualifications for bankruptcy that you must meet so check with a bankruptcy attorney before considering this option.
Credit Consequences The foreclosure will be recorded on your credit and will show up for 7 years on your credit report. This will likely cause you problems with getting new loans or credit for several years. You may have to pay higher interest rates on loans or credit.
Disclaimer: The author is not a financial professional. She does not guarantee the accuracy of the information provided in this article and is not liable for reliance on this information. In using this article, you agree that its information and services are provided "as is, as available" without warranty, express or implied, and that you use this article and the information contained in it at your own risk. You agree that the author has no liability for direct, indirect, incidental, punitive, or consequential damages with respect to the information, services, or content contained in this article.
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