Foreclosure Sale

[Dannmcg357]

AL
I surrendered my homein a CH7, and the legal ad finally ran in the paper, below is an excert:

"under and by virtue of the power of sale contained in said mortgage, will sell at public outcry to the highest bidder for cash, in front of the main entrance of the Courthouse"

My question is, givin that I have the right of redemption for 1 yr, will I be notified of the sale price and is that price what I redeem for?

[Dannmcg357]

Hmmm.
Let me ask another way:
Will I get notified of the foreclosure sale and if so what will I be informed of?
Also, what is the right of redemtion amount based on? Pre-foreclosure balance or foreclosure sale?

[Coldplay]

How Much Does a Homeowner Have to Pay to Redeem a Proeprty: The former homeowner (or other person/entity with an interest in the property) must pay back any outstanding mortgage principal, along with interest, back taxes, etc. along with all costs the lender incurred to sell the property.5) Selling of Rights: A homeowner can sell his Rights of Redemption to another party – before or after a foreclosure.

Many who have no hope of retaining their homes – or repurchasing them during the redemption period --- are happy to do so because it gives them so ready cash. Most sell for a few hundred or a few thousand dollars.

6) No Right of Redemption in Non-Judicial Foreclosure States: If you live in a state that collateralizes home loans as deeds of trusts instead of mortgages, then there is no redemption period. Once a home is sold at a foreclosure auction, for example, the sale is final.

The reason is, deed of trust states operate under what’s known as non-judicial foreclosure. This means they don’t have to take you to court to foreclose on your property.

It also means that foreclosures tend to be quicker, easier and less expensive than in states with judicial foreclosure.

7) Foreclosure Investors Beware: Purchasing foreclosed properties in states that have redemption laws can be risky if you don’ t know what you’re doing. On the other hand, as an investor, you can purchase the rights of redemption from a homeowner directly, leaving you in control if you decide to use this method to to purchased foreclosed properties.

Facing a “Redemption Foreclosure” Process? Don’t Let Lenders Bully You

Even though foreclosure laws and Right of Redemption laws vary by state, in most cases, a homeowner has several chances before their home is sold at auction to stop the foreclosure process.

Some unscrupulous lenders will try to bully you when you default. A common tactic is to tell a struggling, scared homeowner that the entire amount on their home loan is due. While technically true, it’s rarely enforced.

In these economic times especially, many lenders are happy to work out other solutions to help you stop foreclosure, eg, a mortgage modification, a forbearance, etc.

States with Right of Redemption Laws

Following is a list of states with redemption laws, and how long the period is.

**Alabama: 1 year
**Alaska: 1 year
**Arkansas: 1 year
**California: 1 year
**Connecticut: Based on court decree
**Florida: 1 day or less; immediately upon sale – with judicial review
**Idaho: 1 year
**Illinois: 3 months
**Iowa: 20 days
**Kansas: 1 year
**Kentucky: 1 year
**Maine: 90 days
**Michigan: 30-36 days
**Minnesota: 6 months
**Mississippi: 30 days
**Missouri: 1 year
**New Jersey: 10 days
**New Mexico: 30 days
**North Dakota: 6 months to 1 year
**Oregon: 6 months
**South Dakota: 30 days or more
**Tennessee: Up to 2 years, unless waived at sale of property
**Vermont: 6 months to 1 year
**Wisconsin: 1 year
**Wyoming 30 days or more

If you need help stopping a foreclosure, consult a few foreclosure lawyers (you want to get a few opinions) – in your jurisdiction -- to see if they can help.



Source ~http://hubpages.com/hub/Stopping-For...-a-Foreclosure

[Dannmcg357]

Thanks ColdPlay. That was very helpfull. Does anyone know if they will inform me of the sale and who and how much etc? Or do I have to get that from the court house?

[Dannmcg357]

bump

[Dannmcg357]

bump
all i want to know is what my home sold for at public auction? anyway to know that?

[Mensa1]

Contact the sheriff, clerk of court or other party (Trustee) responsible for administering sales in your area. They will tell you straight out.