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

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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

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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.
 
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kraftykrab

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Jan 27, 2014
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Just_me is right---this could be an unfair practice. When an auction is conducted, there are often laws that require the auction to be conducted using fair numbers---to prevent this exact situation, where the "bank" sells the house to itself for barely even pennies on the dollar, and then hit you with a massive deficiency balance. It's a form of unjust enrichment--they get a huge windfall from foreclosing because they will sell the house at market value when they paid nearly nothing for it....plus, they often get to come after you for the deficiency balance, which they artificially increased with that ridiculous sale.

What state do you live in?

wow, just realized it is an old thread....
 

Ernie S.

LoanSafe Member
Apr 27, 2020
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Wow it is an old thread good thing you caught that cause I was going to write something. Too bad he didn't mention what state. Must not have any investors at the actions there. lol Hopefully, he took the advice and looked into the matter.
 

Ernie S.

LoanSafe Member
Apr 27, 2020
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Wow, it is an old thread good thing you caught that cause I was going to write something. Too bad he didn't mention what city, and state. Must not have any investors at the auctions there. lol Hopefully, he took the advice and looked into the matter.
 

kraftykrab

LoanSafe Member
Jan 27, 2014
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Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
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Jan 14, 2011
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I'll keep an eye on things, we've had a number of spammers try and join the forum. It's endless having to scrub through, when you guys see things and report them it helps me get through them quickly so I do appreciate it!