A: State law provides that any owner, mortgage holder or defendant in a filed tax foreclosure proceeding can stop the foreclosure process at any time by redeeming the property. At-A-Glance also gives you some tips on how to register for a Trustee auction that may not be available online. Some well meaning buyers have this picture in their mind of a cute little house, surrounded by a white picket fence that is owned by a widowed mom who fell on hard times, but that scenario is generally far from reality.
Have the date, time, and location of the foreclosure sale; the property address; the trustee’s name, address, and phone number; and a statement that the property will be sold at a public auction. If there are no bids higher than the opening bid, the property will be purchased by the attorney conducting the sale, for the lender.
In this case, the court overseeing the foreclosure process may enter a deficiency judgment against the mortgagor. Under federal law, the valid filing of a bankruptcy petition acts as a stay” of legal proceedings against the debtor, including a non-judicial foreclosure.
Once you do this, no one can take any steps in the foreclosure without notifying you. Today, numerous state laws and regulations govern foreclosure to protect both the mortgagor and the holder of the mortgage from unfairness and fraud. Before any foreclosure sale may be held, an Order Authorizing Sale must be signed by a District Court Judge.
Out of the three advertisements listed on your website, we are pleased to inform you that we have received good response from the public and we have received numerous calls regarding the auction and details of the properties. Using the produce the note” strategy is something all homeowners facing foreclosure can do. If you believe you’ve been treated unfairly, fight back.