Selling A House In Foreclosure
You ask yourself this question and maybe, just maybe there is some light at the end of the tunnel. If the homeowner successfully makes the monthly payments for that time period, the trial mod can be converted into a permanent modification of the loan. If a participant at the foreclosure auction placed a bid and won, the proceeds of the sale would be distributed like any other foreclosure, regardless of which mortgage company actually began the foreclosure process in the courts.
Some states have what’s called right of redemption,” which means a homeowner who has been foreclosed on has a period of time to redeem or buy back the property. If you make your mortgage payment you will not be in danger of losing your house. A quit claim deed is sometimes used to clean up questions about title to land as part of the foreclosure process.
This time is …