If you’re a buyer considering a foreclosure purchase, be sure you’ve evaluated the advantages and disadvantages of this type of transaction first. If there are no bids higher than the opening bid, the property will be purchased by the attorney conducting the sale, for the lender. The certified check or money order is made payable to the Johnson County Sheriff’s Office no later than 3pm on the date of the sale. This process involves the sale of the property by the mortgage holder without court supervision (as elaborated upon below).
In the United States, although states have their own variations, the basic premises of foreclosure law remain the same. Along with the address, date and sales price is included the mortgage amount, if any, the year of the previous sale of the property and the price paid in that previous sale. In California, lenders can foreclose on deeds of trust or mortgages using a nonjudicial foreclosure process (outside of court) or a judicial foreclosure process (through the courts).
This website is not a comprehensive treatment of the subject and is not a substitute for advice from an attorney. If an Order for Conduct of Sale is issued by a court, you will have to move out by the Possession Date stated in the order. You have nothing to lose (and everything to gain) by working with your mortgage company to avoid foreclosure. A deed in lieu of foreclosure is also used when the borrower faces foreclosure.
If you are in the missed payment stage, this is the best time to rework your finances, to call your lender to work out a compromise, and to put your home on the market for a fast sale. Check out 7 Steps to Avoid Foreclosure for specifics on what to do in the missed …