Foreclosure in Orlando>Question Details

Kcheung83, Home Buyer in Orlando, FL

My home was bought at an auction -FannieMae- what are my options from now on?

Asked by Kcheung83, Orlando, FL Tue Jun 8, 2010

My home just went to Auction in the foreclosure proceedings and was purchased by Fannie Mae. What are my options at this point? Am i still liable for the amount owed and will I be taxed on the deficiency... I am unclear as what I should do next. I heard from my short sale Realtor that they will try to offer me an amount. Can someone help explain what are my best options?

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5
I hired a lawyer 14 mounts ago to save my home..The incompetents of her office help and her self my home was sold to fanny may in the state of Fla..What can i do now???
0 votes Thank Flag Link Wed Jul 22, 2015
This is a complicated topic that needs ALL the facts to prepare an answer, not just your short six lines of writing. You really need to consult an attorney. I am very surprised that you haven't already.
0 votes Thank Flag Link Thu Jun 10, 2010
Contact an attorney he can give you the best information at this point, they will give you a few minutes (typically 15) as a consultation.

I too am interested in knowing if there were any not typical outside reasons, flip?

Hope this helps,

Broker Dave
GRI, ePRO, Real Estate Broker & Realtor

Community and Family Values
Web Reference: http://OrlandoHomeStore.com
0 votes Thank Flag Link Wed Jun 9, 2010
You need to talk with your lawyer about this, because he has been updated all along the process and has expained all data to you.
0 votes Thank Flag Link Tue Jun 8, 2010
If your house was foreclosed at the courthouse and Fannie Mae is now the owner then you are 100% liable for the mortgage, late fees, attorney fees, etc. You should have been served with a notice of the auction and the judgement amount.

Fannie Mae will now go after any assets you have and may also attach your wages, too. If Fannie Mae "forgives" you for any of their loss then you could end up with "ordinary" income.

Fannie Mae may just sell off your debt to a collection agency. Are you planning to file bankruptcy?

I'm surprised you had a Realtor helping you with a short sale and Fannie Mae foreclosed. Was there an investor flip scam going on that now resulted in your getting a foreclosure on your record and also being liable for 100% of Fannie Mae's loss?

You will now be a "renter" for at least 5 years, sorry! It would have only been 2 or 3 years if you were successful at doing a short sale.
0 votes Thank Flag Link Tue Jun 8, 2010
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