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House goes to auction-what to expect?
The house goes up for auction in a couple of days, does anyone know what happens next?
If the house does not get auctoned off what happens then and what happens if it does get auctioned off? How long do we have to get our belongings out and how do they make us move out? |
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Welcome to AMHD. Most likely, the home will be auctioned for about 1/3 - 1/2 its actual value. After deducting for costs of sale, the net proceeds will be applied to your debt. If it is not sold, it will be re-advertised and auctioned again. Title transfers when the purchaser pays; it will demand possession, so you probably have about 10 - 30 days, depending on what state you live in. The big question for you is whether the lender pursues you for any deficiency. |
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