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Is it possible to reverse a foreclosure sale?
Anonymous7 views3 answers
My original filing was dismissed due to a document (cover sheet) my atty. did not include. Since then my home was sold at a sheriff sale. I had been continually told by my atty. the case was to be re-filed but apparently it never was . I was also never notified of the sale date until 1 day before the sale by the individual that purchased the property. I do not want to lose my home. Any direction you could give would be VERY much appreciated. Thank You
Unless you are in a position to find refinancing very quickly, you are likely to lose your house. Are their friends or family members who could co-sign a loan for you? I don't see any other likely ways for you to retain the house. Good Luck.
Sometimes the mortgage company will work with you but once a valid foreclosure sale has been consummated, there is no way to "unwind" it and go back into chapter 13 to cure the arrears and reinstate the loan on current terms. Quality representation is a must in these kinds of cases. If the home is under water, i.e., there is more owed than the value, I would consider letting it go and filing chapter 7 bankruptcy to discharge the debts and start over fresh. Get another opinion from an experienced bankruptcy lawyer. David Andersen
If a foreclosure sale was held and a 3rd party outbid the mortgage company, this adds an additional level of complexity to the problem. When a mortgage company is the successful bidder, they have the option of setting aside the sale if they think doing so and allowing you to continue with a bankruptcy would be more beneficial to them. Once the bank has been outbid, and has cold, hard cash in their hands, they are unlikely to want to unwind the sale. There are certain procedures the mortgage company has to follow under the law to perform a foreclosure by advertisement. Potential purchasers at a foreclosure sale do not have any obligation to notify you of a pending sale - and if the sale was previously scheduled (but put on hold by your bankruptcy filing), the lender can adjourn the sale and they are not required to directly notify you that the sale was adjourned (as opposed to being cancelled). Depending on what was bid at the sale by the purchaser, your options may be limited. A review of the entire situation (foreclosure sale and your finances) by a bankruptcy specialist and someone versed in foreclosure law (and challenging foreclosure sales) is needed. Find a specialist in your area and meet with them as soon as possible - you need a plan of action, and to know your legal options. Good luck!
