Foreclosure Sale in December

[jmanford]

My house is set for foreclosure sale in December. If the lender allows the foreclosure sale to proceed, and no bidder meets the minimum bid, then the lender becomes the owner of the property by operation of law, and you are removed from the title and you can have no liability to anyone thereafter.


Is the above statement true? I would like to get my name off the title.

Thanks

[tobee43]

yes, i believe it as true...once the sheriff's sale has taken place they change title and remove your name...

[AbbeyA]

You need to find out how the process works in California. I am in Illinois and it usually takes a little while to have your name removed from the deed. In Illinois, after the sheriff sale, there needs to be a confirmation hearing so a judge can confirm the sale and approve the "order." Only when that occurs can the bank or whoever purchased the house fill out the paperwork for the name change on the deed and file it with the correct place. Illinois is a Judicial state.

Our house was sold at sheriff sale on October 12th 2010. The confirmation sale has not been scheduled yet and I have been told it is about 2 months out from the sale date b/c they are so backed up. I keep checking with the law firm that handled the foreclosure to see if they have a date assigned yet and they keep telling me they haven't heard from the clerk's office yet about a date --- until our names are off the deed, we are liable if anything happens on the property. We are keeping insurance on the house until our names are formally off the deed.

[bulletproof77]

Once the sale has taken place, title reverts back to the bank. In a few weeks, title will show as owned by Fannie Mae or Freddie Mac. Locks will be changed a few days after sale and the property is no longer your responsibility. In California, banks use the non-judicial foreclosure process. Illinois is a judicial foreclosure state that requires a few extra steps. In any event, the property is no longer yours after the sale.

[ryan]

...Our house was sold at sheriff sale on October 12th 2010. The confirmation sale has not been scheduled yet and I have been told it is about 2 months out from the sale date b/c they are so backed up. ....

HI AbbeyA, thats interesting. I'm in IL also. I had always assumed it was within a few weeks of sheriffs sale for the confirmation hearing.....(who was telling you its so backed up?) ...

I mention that because I've sat thru many confirmation hearings for others and that's when the former owner finally gets notified they have 30 days to vacate. (or sometimes more if they plead a little)

When you add it all up, IL has the one of the longest FC periods in the country. For someone trying to stay as long as possible its certainly helps.

[AbbeyA]

HI AbbeyA, thats interesting. I'm in IL also. I had always assumed it was within a few weeks of sheriffs sale for the confirmation hearing.....(who was telling you its so backed up?) ...

I mention that because I've sat thru many confirmation hearings for others and that's when the former owner finally gets notified they have 30 days to vacate. (or sometimes more if they plead a little)

When you add it all up, IL has the one of the longest FC periods in the country. For someone trying to stay as long as possible its certainly helps.

I called our county's sheriff's office, as well as the attorney's office handling the foreclosure for the lender. Everyone has been really nice about it and very willing to provide information. Check your county sheriff's office website to see if there is a number for the division that handles the foreclosures.

We're actually a little frustrated that the confirmation hearing probably won't be until late December or early January. We secured a place to rent for November 1st as we originally estimated that the confirmation hearing would be a couple of weeks after the sale and then we needed to be out 30 days from that - at least that's what we were told a couple months before the sale date occurred when I called the Sheriff's office to find out how the process played out. So now we will be paying rent a few months earlier than necessary, but it's all part of the process of moving on from this chapter in our lives. We are so excited to be leaving this house full of bad air and negative feelings and bad memories.

We didn't receive formal notice of the f/c sale from the attorney's office until 5 days before the sale occurred, but it was on the county website a full 2 1/2 months prior to the sale date. Keep checking your county website to see if your home is on there and you will know much earlier about the sale date than when they notify you. I don't know if all counties are the same in listing everything on the site, but I would think so as it is all public record. Once you receive notice about the hearing for the judgment, mentally prepare yourself that the sale date will occur about 3 months from that date. The hearing for Judgment of Foreclosure and Sale for our house was on July 9th and the sale was on October 12th. Many of them are scheduled later, but ours was right on track and wasn't rescheduled. The earliest they can schedule the sale date is 3 months from the Judgment of Foreclosure and Sale.

[ryan]

Thanks Abbey, some of that I was familiar with already, but I do need to call the county sheriffs office to get more data.
I'm actually a long way off from a fc judgment, let alone a sale. ...right now all the BankofAmerica FC's have been delayed on top of it.
I honestly don't think I'll have to move till next summer. Good Luck in your new home!