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smith25084 · May 16, 2008, 07:35 AM

I went into foreclosure, and was not able to stop the process. I had my house up for sale for almost a year. The sheriff sale was in march and it went back to the mortgage company. I have no clue what to do now? I haven't heard anything from anyone, and I feel really lost as to what is going on.

PLEASE HELP

ScottGem · May 16, 2008, 07:37 AM

I would be looking for some place to move to. Eventually your lender will either sell the property and/or evict you.

smith25084 · May 16, 2008, 07:53 AM

Originally Posted by smith25084

I went into foreclosure, and was not able to stop the process. I had my house up for sale for almost a year. The sheriff sale was in march and it went back to the mortgage company. I have no clue what to do now? I havent heard anything from anyone, and i feel really lost as to what is going on.

PLEASE HELP

I don't live there anymore and it has already been sold and went back to the mortgage company.

ScottGem · May 16, 2008, 07:59 AM

I'm confused, did it get sold or did it go back to the lender? Those are different things. In a foreclosure, the lender takes possession and may auction the property off. They may set a minimum price for the aution. If that's not bid, they may retain possession.

Once the property is sold. If there is stilla balance on the mortgage they may decide to go after you for the difference or they may forgive the balance. In the latter case, you may get a 1099 stating the forgiven amount was income to you.

I would follow-up up with the lender on the status.

smith25084 · May 16, 2008, 08:05 AM

Originally Posted by smith25084

I went into foreclosure, and was not able to stop the process. I had my house up for sale for almost a year. The sheriff sale was in march and it went back to the mortgage company. I have no clue what to do now? I havent heard anything from anyone, and i feel really lost as to what is going on.

PLEASE HELP

I'm confused too, I received papers stating it went up for auction as a sheriff sale (the auction was in march), but today I contacted the records office and was told it went back to american home mortgage.

ScottGem · May 16, 2008, 08:33 AM

Ok, that actually makes sense. An auction was held, but the house either didn't get a bid or didn't get the minimum bid set by the lender. So it went back to AHM. With AHM in bankruptcy, they have a skeleton staff processing these things. So its not surprising its languishing. The best you can do is follow-up with AHM or the receiver to see the status.

However, I believe legislation passed to help with the mortgage crises will prevent them from applying any forgiven balance as income to you. So basically you are off the hook at this point. Is that what you want to know?

smith25084 · May 16, 2008, 08:45 AM

Originally Posted by smith25084

I went into foreclosure, and was not able to stop the process. I had my house up for sale for almost a year. The sheriff sale was in march and it went back to the mortgage company. I have no clue what to do now? I havent heard anything from anyone, and i feel really lost as to what is going on.

PLEASE HELP

That helps, many thanks!