Bank retained house in forclosure

chadpatt16

LoanSafe Member
Nov 5, 2019
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Just had my house foreclosed and bank retained the house. They were the only bidder and paid 2500 on a house worth 200k . Does any body know if they will come for deficiency for the difference, or will they sell and try a deficency judgement after they sell the property?
 

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
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San Diego, California
www.loansreduced.com
That's a great question, I personally don't know but think you would get the best advice from a real estate attorney in your state. I'm sure we will have a few members comment...what state are you located in?
 

JRTHomeSolutions

JRTHOMESOLUTIONS
That depends on what state you reside in. But for example Florida is a judicial state, here the lender files a lawsuit in court to foreclosure your house. You basically have until the day of the foreclosure auction take place and the county court clerk files what is called a certificate of sale. Once the certificate of sale is produced there is no recourse and there is nothing you can do. To get your house back you would have to pay the full amount of the unpaid loan, interests, attorney fees, and costs.
 

just_me

LoanSafe Member
Sep 14, 2015
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Just had my house foreclosed and bank retained the house. They were the only bidder and paid 2500 on a house worth 200k . Does any body know if they will come for deficiency for the difference, or will they sell and try a deficency judgement after they sell the property?
That's a very low price and you could possibly dispute the sale as unfair (and stop their confirmation of sale). You need legal advice. Contact a local attorney that specializes in foreclosure defense case law or see if your local Legal Aid organization can assist you. Time is of the essence. Usually sales are confirmed at around 10 days and you would want to register your objection in this process. Litigation will slow down the process and inevitable eviction.

Another thought is to negotiate "cash for keys" option since you are dealing with the lender.