After Foreclosure, What Happens Next?
January 10th, 2012 nickAfter every possible remedy to avoid foreclosure falls through, such as setting up a short sale, payong off the loan, or negotiating a mortgage modification, what happens next? Once the property has gone through the foreclosure process and an auction has been completed, many assume that it is inevitable that they have to move out immediately.
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However, it makes a difference whether the lender has an existing agreement with a real estate broker in the local area. Mortgage companies are specialists at creating loans, NOT selling properties. They use local real estate agencies to sell properties for them, and if they do not yet have such an agreement in place in your neighborhood, it can take weeks to set one up.
A second vital issue for the lender is going to be how many additional foreclosed homes are already on their books. If they are working through a large number of foreclosures already, the priority to evict you from your residence is going to be much lessened.