After foreclosure? Ratification process?

Asked by Britt Grotheet, Tue Apr 2, 2013

Hi All, Its me again! Can someone please explain to me the process and give general time frames the process AFTER the lender (in this case Central Mortgage Co.) has foreclosed on a home? The auction occured on Aug 21st 2012. Base on the Taxation and Assessments page the deed is still held by the home owners that were foreclosed on. I do know that the Deed has to be ratified by the Judge before the home would appear as being owned by the lender, Right? What happens after ratification by the court?
BTW- We are still awaiting an answer on our short sale offer (our best and final offer was submitted yesterday). We don't think we will get it.
Last night we noticed this foreclosure home that is not on the market yet and we like the location so we are looking into it. It is just a coincidence that it is another distressed property. It would be a heck of a lot easier if we could just find something we liked in our price range that was ready to go! Thanks in advance-Britt

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Roy Bush, Both Buyer And Seller, Phoenix, AZ
Sun Jul 14, 2013
I had a buyer that wanted to buy a home in Arizona, but he had a Chapter 7 bankruptcy 7 months ago. I introduced a loan program at, they allow a mortgage after a

foreclosure, short sale, or bankruptcy. There is only a six month waiting period. This is perfect for individuals looking to become homeowners again.
0 votes
Catherine Pu…, , Silver Spring, MD
Tue Apr 2, 2013
Hello Britt,

There have been instances where the bank does not move towards recording the deed in their name because they don't want to be responsible for the taxes on the property. Even though the banks went through with the foreclosure proceedings, it doesn't mean that the foreclosure actually went through...and, it would appear if the deed was not recorded in the new owner's name that there may have been some issues with the foreclosure not being completed properly.

Unfortunately, there were over 30 million home owners who were caught with upside down values on their homes - thus the great amount of foreclosures and short sales on the market today - they are a result of the 2004, 2005, 2006 boom and the 2009 crash in the market.

Hope this helps!

Catherine Purcell
0 votes
Catherine- Thanks for your response. I just called the lender directly. They looked up the property for me and told me they could not give me specific info on the property but that I should look for a "For Sale" sign in the yard soon and then call the listing agent. When I pused for a time frame for when the house would be on the MLS I was told could go down to the court house and look up the record of the foreclosure that might give me more info than they could give me. Huh?
The area we are looking in seems to have A LOT of Short Sale and Foreclosure properties and as you said they were purchases made during the boom and hit hard by the 09' market crash. Based on home sale prices (NOT the list prices) there now the market has corrected itself. I sort of feel like a vulture.....but really we just want to move to a different school district and have a bit of a yard:)
Thanks - Britt
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