Foreclosure in 18301>Question Details

tamaramcfarl…, Renter in East Stroudsburg, PA

what happens if house does not get sold in foreclosure action at a sheriffs sale?

Asked by tamaramcfarland, East Stroudsburg, PA Sat Jun 9, 2012

Help the community by answering this question:


The bank takes it back, it becames bank owned and they're trying to sell it again.
Web Reference:
0 votes Thank Flag Link Mon Jun 11, 2012
The foreclosing lender will usually bid what is owned plus interest, late fees, legal fees and all other costs to foreclose, making them the high bidder in most cases anyway. This is done to protect their interest, it also allows them to; collect on any mortgage insurance, obtain federal subsidies and sue for any deficiency.

Hope this information helps,
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 Sun Jun 10, 2012
It will sell, the bank puts in a starting bid (opening bid amount) and that is where they start the bidding. Normally no one else bids and so the bank buys it for the opening bid amount. They can't sell it until they buy it and after that they just did so now they own it and now they can sell it.
0 votes Thank Flag Link Sat Jun 9, 2012
Generally the bank takes it back, it's not at all unusual for a home not to sell at auction, the banks usually want more money than a bidder will pay so they take the home back, it becomes 'bank owned' and they wil list it for sale through a realtor.
0 votes Thank Flag Link Sat Jun 9, 2012
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