What Happens After Foreclosure & the Property Is Sold?
If your house has been foreclosed upon and sold, you have three options: use the redemption period to buy back your house, ask for key money from the buyer, or wait to be officially evicted.
-
Redemption Period
-
A redemption period in most states means that you have an allotted amount of time to buy back your home at auction price. Some states allow you up to a year in order to re-purchase your home.
"Key Money"
-
If the purchaser of your home is desperate to get it from you in good shape, he might offer you "key money," meaning that he will pay you to leave the premises so that you don't have the opportunity to damage it.
Stay and Wait
-
Even if your home is sold, you don't have to leave until you are evicted, which can take weeks or months to occur.
Consequences
-
If the property is sold for less than the remaining balance on the mortgage, the lender may put a lien on any other property you may own until you pay the difference.
Conclusion
-
You can buy back your house if your state has a redemption period. You may also be able to ask for money from the buyer for you to leave quietly. Further still, you have the option of staying in the house until you are evicted.
-
Related Searches
References
- Photo Credit home 3 image by Stacey Lynn Payne from Fotolia.com
Comments
-
Funny how your name can be on a deed but not on the load and you split up and your ex leaves the house and will not tell the bank to talk to you about putting the loan in your name so they can foreclose on your home and leave you and three kids homeless.
