Can my son buy our home cash???

[eventsdj]

We are in lis pendens.. foreclosure process just starting to get underway.
When it happens to go to sheriff sale (thinking spring?) can my son bid on the house if he has cash? He is coming into a settlement from a death (and no, this was not known about in April when we were discharged from BK)

He is 19 years old.

[Pandora]

http://www.foreclosurelaw.org/Wisconsin_Foreclosure_Law.htm

Here are the laws for WI

[eventsdj]

Didn't find the answer...

[Pandora]

Your right of redemption is 12 months, unless its court ordered. The actual "can my son purchase..." isnt in there - no - but the law is clear on what can and cannot be done as far as purchasing. Read the section where it states about deficiency.

Question is - why would you want your son to purchase your house back? Thats saddling him with your past issues/debts - why not let him use what's coming to him for his start in life?

Just looked at your other post: http://www.bkforum.com/showthread.ph...524#post461524

So you agreed to 6 month redemption - but the bank has not removed the right of deficiency to the sale of the property if it sells for less than owed?

[eventsdj]

I don't.. and he wouldn't. It was just a curiosity we had in conversation.

[Pandora]

I misread the deficiency part in your other post - sorry about that. Here is the other thing I could find for you:

http://www.lawserver.com/law/country/us/code/us_code_title_12_chapter_38a

This has alot more in-depth info. Hope it helps.


(2) Eligible participants

(A) In general
The Secretary, and any other person who has submitted a
written one-price bid, may bid at the foreclosure sale.

(B) Prohibited participants
The foreclosure commissioner or any relative, related
business entity, or employee of the foreclosure commissioner or
a related business entity shall not be permitted to bid in any
manner on the security property subject to foreclosure sale,
except that the foreclosure commissioner or an auctioneer may
be directed by the Secretary to enter a bid on the Secretary's
behalf.