The bank has foreclosed, a judgment in foreclosure has been signed and filed with the court and the dreaded Sheriff sale has occurred. You no longer have any ownership rights to your house, right? Unfortunately, that is not the case. You still own your house with all of the responsibilities for it that you did before. So what does foreclosure mean?
So here is the reason. No legal action was taken to remove your name from the deed or transfer ownership of the real estate to another. You are liable for property taxes, insurance, cutting the grass, general maintenance and the safety of those who enter upon YOUR property. Now what?
If the bank or the entity that bought your house at Sheriff sale does not file with the court the Motion to Confirm the Sale then the sale is never completed. Normally the purchaser does this within 30 days of the sale. If they don’t they can what is commonly referred to as “sit on” the property. Meaning they just never take ownership. You will need to work with the purchaser, the court or your personal lawyer to ensure that property rights and obligations transfer. If the purchaser is unwilling to take legal possession of the real estate then you may have to file what is called an action to quiet title to force the purchaser to take possession.
If the foreclosure has reached judgment and sale and no one purchases the property you are still the legal owner with all of the obligations regarding care, taxes and insuring the home. You can continue to live in your property until you the sale is completed and the county Sheriff provides you notice to vacate.
Do not go through this very confusing process on your own. Click here to contact the experienced staff at Moseman Law Office.