| At the end of the foreclosure process, once all of the | | | | There are a number of ways to find out if a property |
| notices have been sent and published and the lawsuit | | | | has been sold or if an auction has been confirmed. |
| has ended, a public auction is held to dispose of the | | | | Possibly the easiest way is for homeowners to call |
| property. This typically called a sheriff sale or trustee | | | | the county recorder's office or the clerk's office and |
| sale, and is the event during foreclosure where | | | | ask them to provide the information as to who |
| borrowers' ownership interest is transferred to the | | | | currently owns the property, as well as any liens on |
| buyer at auction. But sheriff sales do not always go | | | | the property right now. If the bank purchased it, there |
| smoothly, and homeowners may need to find out if | | | | will most likely be no liens, but if a third party took out a |
| their home was sold or not. | | | | loan to buy it, there may be a new mortgage affecting |
| For instance, if the lender called off the scheduled sale | | | | the deed. |
| for any reason, homeowners may believe that their | | | | This would be the easiest way to determine the status |
| property was sold out from under them when they | | | | of the sheriff sale, since the county in which the |
| are, in fact, still the owners. Banks cancel auctions for | | | | property is located keeps all of the records affecting |
| any number of reasons, from not having an inspection | | | | the property. If the foreclosure went through but there |
| done, to waiting for an appraisal, to a response by a | | | | was a problem with the sale, they will be able to give |
| request for more time from the borrowers | | | | the homeowners that information, while the court will |
| themselves. | | | | be able to inform them if a new auction has been |
| Another factor that may cause a sheriff sale to be | | | | scheduled yet. |
| scheduled but not confirmed is if a third party bids on | | | | But if no documents have been recorded to show a |
| the home, wins the auction, but can not pay the | | | | transfer of ownership, then the house may have to be |
| purchase price. If this is the case, the property may | | | | auctioned again at a later date. Especially if it is a few |
| have to be put up for auction again, in the hope of | | | | months after the scheduled auction and no documents |
| finding a more willing and able buyer. If this happens, | | | | to show a transfer of title have been filed, it may |
| though, homeowners may not even know the first | | | | indicate that the sheriff sale was not valid. This may be |
| auction did not count, as they assume the house was | | | | due to any of the reasons listed above, but especially |
| sold and paid for. | | | | if the high bidder could not pay, the house may just be |
| This is why, after a sheriff sale, it is important for | | | | auctioned again. |
| homeowners to make sure that their home was | | | | In the meantime, the original owners might still have |
| actually sold and properly confirmed by the county. If | | | | possession and legal ownership rights of the property, |
| the property was not sold, the borrowers may be able | | | | just as they had during the foreclosure process. |
| to keep living in their home until a valid auction is | | | | According to many state foreclosure laws, it is the |
| conducted. This may take an additional two or three | | | | confirmation of the sale that finally transfer ownership |
| months to schedule, conduct, and confirm, and all of | | | | to the high bidder at the auction -- if that has not been |
| this time can be used by the homeowners to save up | | | | done in a particular case, the borrowers may still own |
| more money. | | | | the property for now. |