Home Buying in Winchester>Question Details

Nora, Home Buyer in Winchester, VA

how can a person owner finance a home to someone and the house found out to be foreclosed and up for auction?

Asked by Nora, Winchester, VA Mon Oct 27, 2008

we bought a house where the owner is doing owner financing to us then we found out a month later that the house was in foreclosure and going up for auction on the 6th. we are so confused and have eight kids and when they auction the home on the 6th we have no place to go how can they do it to us what happens what can we do

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Designer1’s answer
Nora, I am writing this over two years later, so I am hoping you and your family are safe and have recovered from this terrible ordeal.

I am considering purchasing an owner financed home in winchester, va. thank you for sharing your experience. I will make certain that I use a real estate attorney who specializes in this type of creative financing.
0 votes Thank Flag Link Sun Mar 13, 2011
you should have had a title search when you closed on the house with the owner financing. you need to look back at who your attorney was, if you didnt hire an attorney this is why you should have, if you did then they are liable. you also should have purchased owners title insurance at closing, if you did they will cover and take care of the situation. The seller should not have sold to you if he had a mortgage which is what it seems happened. also who did the closing, the buyer gets the totle company which would have done teh title search and prepared the deed for you to sign. did this happen? it looks like no one was representing you???? please add some comments and i can advise further.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue Oct 28, 2008
No better way to say it than head to the best real estate attorney you can find. Make sure you bring a copy of the contract that was written when you entered into the agreement. You may have signed a land installment contract and with any luck there is some protection for any money that you have paid the seller. You might also contact the lender who is foreclosing, perhaps they can offer you a solution. Much luck.
0 votes Thank Flag Link Tue Oct 28, 2008
Nora, If the home was financed and the loan was never paid off then the bank has the right to foreclose. Sounds like the sellers just took the money and never paid off their loan. If you used an attorney to buy the home you need to go talk with them today. I suggest you start looking for some place to live right away.

Have you contacted the foreclosure company and discussed your situation?
0 votes Thank Flag Link Tue Oct 28, 2008
Nora, Nora... oh, my, I am frightened for you. You must immediately contact a real estate attorney. If you need a referral to someone, call me first thing in the morning. 703-669-3142 THIS is an emergency!
0 votes Thank Flag Link Mon Oct 27, 2008
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