Posted on: 21st Jul, 2011 08:24 am
My home is in final stages of Forclosure and I am not on Mortgage my Father is and has passed away. I have received papers showing the Sale date and the papers stated they would put a Lein against me when the poroperty is sold. My questoin is if the property is not sold at Auction will i be able to live in the house and not be evicted from the bank?
If the home goes to auction, then either a party makes the minimum bid, and purchases the home, or no one bids on it and the home goes back to the bank. So the new owner, bank or investor, will contact you to vacate the home. Sometimes you can negotiate to lease the home back. Most people who buy foreclosures are investors, and they only want a return on their money.