[rose mcgriff]

My house is in foreclosure and I would like to know when the bidding starts.

[smoothy]

You start with finding who is actually doing the auction... but how do you plan on financing it? These auctions are for people who already have the financing per-approved or on hand. You don't get to bid THEN get to shop for financing if you manage to win.

And what financial institution would extend a loan to someone who has already had a major default such as this?

[SpaParts]

I work with investors buying foreclosures and the first thing we do is perform an inspection to determine costs. This helps form the basis on what to offer. Check to see how long the house has been on the market. Finally if you feel confident about bidding have your Realtor place a bid on the home. If multiple bids are received HUD will request a "best offer" or if you are the only bidder will counter. Don't be afraid to walk away as many of the winning bids I've had came from this strategy.

[joypulv]

This is the former owner.

I doubt that you will be allowed to bid, and how do you suddenly have the financial means to pay the full amount? The lender/owner may have different ways of selling, by auction or sale through real estate brokers. We need a lot more information about the status of the foreclosure, and how it's being sold. There may not be any bidding. If there is, you find out when it starts by asking them.

[ScottGem]

If a property is "in foreclosure", then it has not yet been foreclosed on. That means, you as the homeowner, will be informed as to the date of the auction (assuming one is held). You would be free to bid at the auction. But, as smoothy said, you will need to show you can make payment for the bid price.

I'm going to make a guess here, that the house is upside down (more owed than its worth). And the lender has refused to refinance. So you may be thinking you can bid and buy it back at less than its worth. So let me disabuse you of this notion. Whatever is the winning bid by whomever, you will still owe the balance of the mortgage. If you buy it, I'm guessing the lender will go after you heavily for the balance. Even if you didn't buy and the lender forgives the balance, the amount of the balance will become taxable income to you.

I would try harder to work something out with the lender.

[ScottGem]

I work with investors buying foreclosures and the first thing we do is perform an inspection to determine costs. This helps form the basis on what to offer. Check to see how long the house has been on the market. Finally if you feel confident about bidding have your Realtor place a bid on the home. If multiple bids are received HUD will request a "best offer" or if you are the only bidder will counter. Don't be afraid to walk away as many of the winning bids I've had came from this strategy.

Thank you for wanting to help our members. But please read the thread before responding. The OP is the current owner, looking to bid on his own house after foreclosure. Therefore your response does not apply to him at all.