Jhon Cordova RealtorÂ®, Acredited REO Agentâ„¢
CA DRE Lic #: 01817265
Tel: (818) 968-1691| Fax: (818) 923-5201
Search for Homes at http://www.jhoncordova.com
HOME CENTER 411
All you need to do is shoot me an email directly, give me the address, I'll look it up for you & see who the new owner is, it will either be a private owner or the bank.
If you're still occupying the home & it was sold to a private party, they would have knocked on your door by now to say "Hey, I'm the new owner, when can you move out?"
I don't look back on this same Trulia posting for answers after mine.
Emily S. Knell
Realtor Since 1996
Realty ONE Group
100% short sale success ratio
& I can Prove it
Real Estate auctions are usually conducted at the County Courthouse steps. Anyone with interest in buying the property attends this auction and can bid on the property. The property is awarded to the highest bidder. At the conclusion of the auction, the highest bidder must pay a deposit of 10% of the bid price. The sale is not completed on this date, however. There is a ten (10) day waiting period, called the "upset bid period", during which you are given a chance to pay off the entire mortgage and other people are given a chance to post higher bids for the property. The sale is considered final the end of the 10 day upset bid period.
Once the sale is final, the highest bidder pays the rest of the bid price, and receives from foreclosing attorney a deed, which conveys title to the property.
Even when the sale is complete, this does not necessarily alleviate your responsibility for the debt. In most cases, the debt owed to the bank is not paid in full through this process. Proceeds from the sale are first applied for payment of any outstanding real property taxes, Next, any additional monies from the sale are applied toward payment of your debt with the mortgage lender and...if there is sufficient money....the costs involved in preserving the property and processing the foreclosure. Most of the time there is not enough money to pay 100% of these costs.
When you borrowed money to pay for the house, you signed a note for the mortgage. The auction and sale of the property does not forgive the balance of the debt that is owed to the lender. .
You still owe whatever part of the debt is not paid through the sale of your property. The mortgage lender may try to collect upon this Note obligation by suing you personally and taking a judgment against you. This debt is called a â€œMortgage Deficiencyâ€. There can also be ramifications with the Internal Revenue Service.
I always suggest to my clients to seek the advice of an attorney to educate yourself fully regarding your options and the impact of foreclosure on your future.