Sold at Sheriff's sale, now what?

[suek]

Hello,
My home was sold at Sheriff's sale last Monday. We were trying a short sale, and actually had a cash buyer contract.
Chase didn't stop the sale, so the property went for $60,000 less than the contract price....dummies!!!

My question is, who really owns the property now? There is a court date to "confirm" the sale in NOVEMBER....that seems really far out for that....

I moved out in May when the sale date was getting too close for comfort! So the house is vacant, and I WAS maintaining the lawn, etc...
The house was included in bankruptcy that was discharged in December 2012.

I cancelled my homeowner's policy on the property when it was sold.
Was that a smart thing to do....?? Could I have any liability for this property after the sale but before confirmation?

Thanks for any advice.

Sue

[HomeNow2]

Hey Sue....we are in a similar boat.

BK 7 Discharged 6/2011 and included our primary home. The sheriff sale on our primary home was a few weeks back, 7/18/12 in Grundy County Illinois. Grundy said 3-4 weeks for the confirmation hearing, they move pretty quick.

We are moving out in a few weeks, end of August. Need paperwork to show the 'sale is official' so we can hand that to ComEd and other utilities along with the attorney drafted letter proving we are no longer the owners. Our basement will surely flood when we cut the power, the drywall will get messed up, etc.....

Our attorney advised us to take dated pictures with the 'No Tresspassing' sign posted all around the yard. We did. Just a CYA sort of thing of course.

Any other insights from anyone???? They are greatly welcomed...............

[suek]

Hi HomeNow2,
Thanks for the reply.....
When I moved out I didn't show ComED, Nicor, etc anything. I just called and asked to have the utilities taken out of my name.

I am wondering if I "technically" still own the home, and have any liability until the sale is confirmed in November......

Sue

[tobee43]

you are fine and don't need any insurance. it may be confirmed on such and such a date. but you are done.

chase (i know this only because we have them as well) will keep the home under their umbrella policy after you leave and they take it over. we also did as your atty advised and posted no trespassing signs all over and took pictures...that was over 4 years ago i'm sure by now the signs are down and chase hasn't even started the foreclosure process yet on our home. excuse me THEIR home. LOL! anyway, where we came from in nj, no insurance company would insure it while it wasn't owner occupied, as a matter of fact, the insurance company sent us a nice $600 check for a reimbursement for the year and when i called them they said the bank can add them to the foreclosure charges, we don't want the banks to have your money. how nice as that???

you "technically" own the house until the deed changes hands which should have been done at the sheriff's sale. i have yet to see any case law where a person in bk with a foreclosure was sued for liability. after all, what's someone doing on the property in the first place except trespassing. also, we put up signs "enter at your own risk".

[suek]

Thanks Tobee!
My attorney said I am done also, and OK to cancel the insurance....but when I heard that the sale would be "confirmed" in November....that makes me a little nervous.
I am glad to be done. I would have preferred a short sale for credit purposes, but guess that is not to be!

I can't believe Chase hasn't started the foreclosure process on your home in 4 years! I moved out of the house in May 2012, and went back on monthly visits.....every time the house seems to look worse and worse. The lawn was mowed, but the weeds were taking over.....with the drought this year, a bunch of trees died....really looked sad & ugly.
And of course with the A/C turned off, the house had a very bad musty odor...and that was 3 months....
Wonder just what Chase owns after 4 years!!! LOL!!!!

Sue

[tobee43]

Thanks Tobee!
My attorney said I am done also, and OK to cancel the insurance....but when I heard that the sale would be "confirmed" in November....that makes me a little nervous.
I am glad to be done. I would have preferred a short sale for credit purposes, but guess that is not to be!

I can't believe Chase hasn't started the foreclosure process on your home in 4 years! I moved out of the house in May 2012, and went back on monthly visits.....every time the house seems to look worse and worse. The lawn was mowed, but the weeds were taking over.....with the drought this year, a bunch of trees died....really looked sad & ugly.
And of course with the A/C turned off, the house had a very bad musty odor...and that was 3 months....
Wonder just what Chase owns after 4 years!!! LOL!!!!

Sue

we think chase can't sell our house, first because we refin'ed right in the middle of that robo signing mess and chase brought our mortgage from another company, whom i don't even know who they were! so i think they have a problem there. it also may be the black mold, the flooding in the house, the leech fields that are causing overflow into the house itself. (the town changed the road in front of our house of 30 plus years changing the entire flow of the water path). we lived way out in the country and have been told that one can't even see our old 4500 sq foot house since it's covered with nothing but plants and vines! we left it perfect when we left and took a ton of pictures, not that it really matters as we listed it on our bk. and, although "technically" still in our names until the deed transfers (which can only happen after a sale) we aren't concerned. actually, chase may never foreclose on this property during our lifetime, the state the property is in has a statue of limitations of deed transfer of 20 years! so they can just let it rot.

funny thing was a few months ago we got a call from chase asking us what our attentions are for the house. (we now live 1800 miles 5 states over), i'm like what is it about the word surrender you don't get? unreal!

[suek]

Oh Tobee,
That is really sad that they are literally letting the house rot away!
They aren't the brightest people around - are they?!?

O well, on to better times!

Thanks for your help!

Sue

[tobee43]

Oh Tobee,
That is really sad that they are literally letting the house rot away!
They aren't the brightest people around - are they?!?

O well, on to better times!

Thanks for your help!

Sue

your most welcome and YES! on to the BEST time ever

as far as the banks, well no one can figure why they do what they do. i just don't care anymore! best of luck to you sue!