Any reaon not to attend/observe my foreclosure sale?

[researchnerd]

We made our last mortgage payment a year ago, and were originally scheduled for foreclosure in June, but that was stalled by our BK. The lender successfully petitioned for relief from stay in Sept and we are finally up for foreclosure again this week. We moved out in March, so I am looking forward to having it done and over with.

I find myself tempted to attend the foreclosure sale as an observer, just out of curiosity. Foreclosures are non-judicial in my state and everything happens on the courthouse steps, so it's very public. I might like to be there just to see how these things work, where they start the bidding, etc. Can you think of any reason (other than emotional considerations, which I'm still weighing) we shouldn't show up?

[keepinitreal]

I can't think of any reason you shouldn't show up. That way you'll know for sure, if it was sold, and who bought it.

I would also recommend going to an earlier one too, just to know for sure the ins and outs of the sale.

We did this for a car that we voluntarily surrendered and were glad we did.

[ccsjoe]

researchnerd,

I attended the public sale of the house we leased back in April. There was no disadvantage in doing so, and like you, I wanted to know who it sold to. Since we were still living in it at the time of sale, I also wanted to try and discourage potential investors by making it well known the property was inhabited with legally knowledgeable tenants...with teeth to boot. House reverted to lender (no investor bid over the lender's opening bid amount), so it sold to the bank.

[helpme2010]

researchnerd,

I attended the public sale of the house we leased back in April. There was no disadvantage in doing so, and like you, I wanted to know who it sold to. Since we were still living in it at the time of sale, I also wanted to try and discourage potential investors by making it well known the property was inhabited with legally knowledgeable tenants...with teeth to boot. House reverted to lender (no investor bid over the lender's opening bid amount), so it sold to the bank.

ccsjoe, I love your strategy. I could just visualize you casually walking around mentioning that this could be a nightmare property for any person thinking they could just walk in and scoop up an easy investment. There is a part of me that wishes I could do a little Christmas Carol action on the buyers, e.g. when they are sleeping, when they are away, "SCROOOOOOOOOOOOOOGE, YOU ARE TAKING A HOME FROM SOMEONE THAT IS SUFFERING!!!!"

[ryan]

Since I am not emotionally attached to my house, when the time comes I fully intend to attend the auction. Just to see what its like. I figure I may as well see this thing to the bloody end.

[LimpDisc]

I will attend our foreclosure sale to find out how the process works. I want to know who buys the house at the auction or find out if it goes back to the lender. We will still be living in the house at that time and will try to make a cash for keys deal shortly after the sale.

I'm going to milk every last cent out of this house!

Always remember...A house is a house, and a home is where you make it.

[researchnerd]

Since I am not emotionally attached to my house, when the time comes I fully intend to attend the auction. Just to see what its like. I figure I may as well see this thing to the bloody end.

I'm working really hard on becoming emotionally un-attached to our home. I keep thinking I am over it, and then I'll catch myself randomly thinking of ways we could possibly keep the home and move back in. Logically I know that even if the lender magically forgave us the full year of arrears, we can't afford the mortgage on one income, and it needs a ton of repairs we can NOT afford. But we put a lot of blood, sweat and tears into it, and letting all of that go takes some time. I am hoping that physically being there to see it officially change hands will make it easier to leave it firmly in the past and stop what-iffing.

[researchnerd]

...and they rescheduled it. The public print notification says "first Tuesday in December" but we got a letter yesterday (the day before the first Tuesday, short notice) specifying the date as January. WTF?

I'm also a little confused about who now owns the mortgage. First it was Citimortgage, then a month or so ago we were notified that IBM was now servicing the loan. The most recent letters from the law firm say they're working for Fannie Mae. Which one is correct?

[HHM]

Per the foreclosure, no reason not to attend. But I probably wouldn't take the time out of my day to observe a fairly routine process. I imagine there are 100 other things you could do with the time. But if your curious, go and check it out.

[bulletproof77]

I went to mine in San Bernardino on the courthouse steps last year. Kind of a waste of time. 2 guys dressed in shorts and T shirts mumbling parcel and trust deed numbers while passers by paid no attention. Mine went back to the lender in all of 7 seconds..Then, on to the next one..

[researchnerd]

HHM and bulletproof, thanks for your responses. Since they rescheduled on me yesterday with no notice, I'm reconsidering whether I will bother to go in January. May not be worth taking a whole day off from work.

[chicagoannie]

I did not attend the Sheriff's sale of my home - my heart was broken. I lost my house QUICK - right at the start of the economic downturn and before lenders got all backed up on foreclosures. No one bid at the auction, tho, so ownership reverted to the bank.

[ssmdem]

Do I understand things correctly? Our home is about $80,000 upside down. It's essentially going to go back to the lender, correct? Cause who would pay that much more than a house is worth??

[researchnerd]

Ours is about the same...I think. Won't know the actual number until the foreclosure sale.

Depending on the value of the home, $80k may be a little or a lot, percentagewise. Maybe some investors can afford to hang onto it until the market bounces back. But yes, I'm pretty sure it'll just end up back with the lender. I can't imagine anyone paying that much more than the current market will support.

[ssmdem]

We owe $350,000. It's worth about $270,000 -- MAYBE. Most of the other homes in our neighborhood are listed for less than $200,000. Ours is the newest and yes, it's the biggest, but I really doubt they could get anywhere near $270K for it. The whole thing ticks me off that someone is going to get it eventually at a price we could actually afford to pay -- but am grateful to be out from underneath this monstrous house payment that we just can't afford any longer.