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Home auctioned 10 am today

Date: Mon, 09/20/2010 - 12:18
Submitted by on Mon, 09/20/2010 - 12:18
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Stupid question but can anything be done after the auction date ? Thought we were working to get in the HAMP program but apparently it did not halt the auction date. Thanks


You need to check with an attorney or even a realtor in your area. I assume you are speaking of a house. I know in Indiana, if a home is being auctioned/sold for back taxes, the owner has one year after the sale of the property to redeem it back--pay the taxes and get the property back. If it's a foreclosure, I know the deed transfers immediately.


Submitted by lisaawilliamson on Sat, 12/25/2010 - 05:07

lisaawilliamson

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I agree with what Lisa has said. You need to check out whether or not your state laws offer you a redemption period. If there is a redemption period, then you'll be able to redeem the property by paying off the entire delinquent mortgage payments along with other fees and penalties and claim the property back. This redemption period is offered to the borrowers in certain states after their property is sold off at a foreclosure auction.


Submitted by Anna Sweeting on Sun, 12/26/2010 - 22:55

Anna Sweeting

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Hi!
Welcome to the forums!
Check whether or not redemption is legal in the state in which you live. If it is, then you can get back your house after paying off the outstanding balance, fees, penalties, etc.The redemption period varies from state to state. You can get few days or or an entire year to pay off the loan. One benefit is that you can't be thrown out of your house during the redemption period. You can pull financial resources during this time and pay off the loan.


Submitted by Good Nelly on Thu, 12/30/2010 - 23:33

Good Nelly

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