Can You Reverse A Foreclosure Sale?

Posted by revolt | Can You Reverse A Foreclosure Sale? | Friday 20 August 2010 8:11 pm

Can You Reverse A Foreclosure Sale?

 

Too many homeowners who have already lost their homes are looking for one final chance to get them back. They have contacted nearly every loss mitigation company, nonprofit organization, and government agency in the country, all of which have informed them that they do not qualify for any plan currently available to help them get their properties back after a foreclosure already been completed.

Is this true? Is there really no hope for borrowers whose homes have been sold and the auction has been confirmed? In most cases, this is not true, as there are still some remedies available after a foreclosure where a sale can be reversed and the owners given back ownership of their house. One of the main problems is that few companies or foreclosure specialists know about these last resort methods.

However, homeowners should be aware that these methods to get a home back after foreclosure may be very difficult to pull off. They should not be relied upon as the first option to stop foreclosure, as it can be much easier to qualify for a refinance, loan modification, or repayment plan. For the borrowers looking for one final opportunity, or those just trying to delay eviction for as long as possible, though, challenging the sale may be worth considering.

There are a number of grounds on which a foreclosure auction can be set aside, just as there are numerous claims to bring up in defending the lawsuit in the first place. In most cases, homeowners will have to bring their claims into the local court and attempt to have the sale reversed before they are evicted or the house falls into disrepair. The different types of claims that homeowners can bring into court are discussed more below.

The first way to challenge a trustee sale is based on irregularity in the conduct of the auction itself. This is often due to a lender or trustee not following the correct notice requirements to have a house sold through the auction process. Material violations of notice requirements may be enough to set aside the sale, although small technical violations may be ignored by the court unless they adversely affect the foreclosure, or have the possibility of encouraging fewer bids or lower bids.

The inadequacy of the sales price may also be grounds to set aside a foreclosure auction, although the common definition of “inadequate” has been taken to mean shocking the conscience of the court. Courts in many different areas have either set aside or refused to set aside foreclosure auctions due to low sale prices at auction. It may be wholly dependent on the judge in the case to decide whether or not to reverse the sale.

For instance, some courts have decided cases such as these: $875 for a property with $27,000 in equity was not set aside. $2,000 for a property worth $18,000 was set aside. $10,304 for a property worth $57,500 was set aside. Thus, it may be very difficult to determine whether a price at auction is inadequate without bringing the issue into court.

An inadequate price coupled with irregularity in the conduct of the sale may make an even stronger case for the court to set aside the auction. Courts have decided over time that the lower the price of the property, the more any technical or minor irregularity or procedural violation will be taken into account. This may give homeowners strong motivation to challenge their trustee sale.

A final reason to set aside a sale may be an inadequate price plus unfairness to the borrowers. The definitions of “inadequate” and “unfair” will have to be fought out in court, but properties which sell for far less than they are worth may be a sign of bad faith on the part of the lender, which has a duty to obtain the highest price possible for a property it auctions. Especially if the lender turns around and sells the home for more soon after the sheriff sale, unfairness may be determined.

Homeowners who are relying on such defenses to save their home, however, may find themselves disappointed in the end. The further along the process their home goes, the more difficult it will be to hold onto it and get another chance to make on-time payments. These challenges to a sheriff sale may be successful, or they may not be. But they should be considered one of the last resorts after everything else has been tried, but before moving out of the house completely.

Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
These microbes compete for nutrients from the food you eat get levothyroxine online no prescription the drugs are used to kill bacteria. certainly, many people have benefited from using them buy antibiotics without prescriptions this chapter addresses the possibility that antibiotics may help fungi to proliferate within the human body can i buy amoxicillin over the counter as an adult human, you have three to four pounds of beneficial bacteria and yeast living within your intestines ordering bactrim online yeasts are opportunistic organisms. this means that, as the intestinal bacteria die, yeasts thrive, especially when their dietary needs are met where can i buy propecia this results in a syndrome called leaky gut. yeasts are not the only possible cause of this syndrome lynoral buy this practice not only possibly contributes to antibiotic resistance in humans tetracycline to buy as an adult human, you have three to four pounds of beneficial bacteria and yeast living within your intestines order cipro online i don,t know if larger doses are in fact administered to people buy online levothroid simply put, antibiotics are poisons that are used to kill. only licensed physicians can prescribe them clavulanate purchase i,ll assume that the same toxicity scale remains in place today purchasing bupropion online some scientists have linked non-steroidal, anti-inflammatory drugs (nsaids) such as naproxen and ibuprofen to the problem aciphex to buy online yeasts grow unchecked into large colonies and take over, in a condition called dysbiosis where to buy pharmacy when you do so, you upset the delicate balance of your intestinal terrain erythromycin buy i,ll assume that the same toxicity scale remains in place today purchase acillin however, if bacteria were the only organisms that antibiotics killed, much of this book would be unnecessary antibiotics without prescriptions buy yeasts grow unchecked into large colonies and take over, in a condition called dysbiosis