Foreclosure in 50317>Question Details

Cdawmj1, Home Owner in 50317

my house was sold at auction recieved a note on my door today to be out next week do we have any options

Asked by Cdawmj1, 50317 Tue Feb 15, 2011

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6
Each state has different foreclosure laws.

Please clarify if this is your home or a home you are renting the home as there is a difference. Iowa has a right of redemption, Between 6 months to 1 year - and this would apply to the owner of the home, not the tenant. Please advise as the options will then present themselves.

John Sacktig
Broker / Manager
Orange Key Realty
Direct: 732-213-1409
JSacktig@orangekeyrealty.com
0 votes Thank Flag Link Tue Feb 15, 2011
Depending upon when the auction occurred, you might have a few options.
0 votes Thank Flag Link Tue Feb 15, 2011
Iowa is a unique state when it comes to foreclosures. About 95% of the home mortgages are sold with out a redemption period because of the length of time it take for a home to get to the sheriff's sale. I would recomend you call the lender and see if there is a redemption period, if you do you have 6 months to make good on the entire mortgage.
However once a home gets to sheriff's sale, it is usually time to move on.
0 votes Thank Flag Link Tue Feb 15, 2011
When did the foreclosure auction, sale, quit claim happen?, because there is a redemption period in your area and during that time you can maintain occupancy of the property, as well as be awarded the opportunity to settle the claim.

Bob Patrick
Buy a home after foreclosure expert
Movin-On LLC
Helping families/people that have lost their homes get back into another in as little as 6 months
0 votes Thank Flag Link Tue Feb 15, 2011
Are you the homeowner or are you renting the property? When did the foreclosure action take place? Recently or 6 months ago?

Iowa has a right of redemption of between 6 months to 1 year - but this would apply to the owner of the home.

For your specific situation, I would urge you to talk to an attorney.
0 votes Thank Flag Link Tue Feb 15, 2011
Each state has different foreclosure laws. Here in NC they have what they call an upset bid where after the auction another buyer can step in to offer more, its crazy and why many avoid foreclosure auctions. I think your only option might be to speak with the new owner and see if they will let you stay. If the bank bought it they might not want to deal with a renter. Good luck.
0 votes Thank Flag Link Tue Feb 15, 2011
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