How Do I Know If My Home Sold at Auction by the Bank?

By | November 24, 2009

If your home was sold at an auction by the bank, you will soon find out about it because the new owner may soon attempt to evict you from your home. And even if your home was not sold at the auction, the bank itself may begin eviction procedures. However, they will need to do this legally and the duration of the eviction process may range from five to 90 days depending on the applicable state laws. 

The notice of eviction will be given to you by the sheriff where you will find instructions as to your rights and the time that you are being given within which to find a new place to stay. However, if you have redemption rights, the eviction cannot begin until the specified period has passed. 

If your state permits redemption rights, you may sell the property or find some other way to pay for the amount that is due and erase the foreclosure that has already occurred. During this time, you are not required to make any mortgage payments and nobody can force you out of your home. 

Another indication that your home was sold at the auction is when you are given notice that the bank is seeking for a deficiency judgment. This may happen if the amount that was obtained by the bank during the auction was insufficient to cover for the total amount that you owe.

If the petition of the lender is granted by the court, they may try to garnish your wages or seize some of your assets as payment for the deficiency.