How many auctions until our home is SOLD?

[mickeyme]

[Faust]

What state are you in?

[mickeyme]

California...I should have included that.

[Faust]

Maybe you could check with your county courthouse? Here in WI they post them at the court house. You could look and see what homes appear more than once.

[SPalin]

In California, the bank has to file a NOD (Notice of Default) with the county clerks office before they proceed with the foreclosure. Once the NOD is filed then you have 90 days before the bank can take title to your property and your no longer the owner. Usually you have 30 days after the bank owns the property to move out. As you know with all the foreclosures in California you maybe in your condo for 1.5-2 years before you have to move. A coworker has been waiting over 1.5 years for the foreclosure to begin... she is socking her mortgage payment away in a high yield savings account, and I am, too!

[mickeyme]

Thanks for the info. I thought the same thing that the bank would take over title but I know of a situation were someone filed ch7 in California. Their property has been to auction three times without a sale...but they are still listed on title not the bank. Hmm
Does anyone have any other info?

[mickeyme]

Thanks for the info. I thought the same thing that the bank would take over title but I know of a situation were someone filed ch7 in California. Their property has been to auction three times without a sale...but they are still listed on title not the bank. Hmm
Does anyone have any other info?

[good2free]

My understanding is, if your condo goes to trustee sale and no one bids on it, the condo becomes the property of the bank. This happens in the first sale it self. The bank may or may not transfer the title right away. They may even try to sell it at the auction for lower price at a later date as well.

If the bank does not transfer the deed, you are still the owner of the property and can live in there.