Home Owner Options ?

Will more experienced members explain the following:

  1. What options does a home owner have after “notice” of foreclosure(pre-foreclosure) but before the sheriff’s sale ?

  2. Home owner options after sheriff’s sale during the redemption period(6 months in my state)?

  3. Can the home owner sell the property after a sheriff’s sale(does the home owner still have title?) ?


Hey Tloky,

  1. During NOD stage of foreclosure, The borrower may reinstate the loan.
    This means the borrower can make up the back payments and late fees,bringing the loan back into good standing. If the borrower does reinstate the loan, then the foreclosure stops.

  2. During this stage, in your state 6 months, the borrower can get the full amount of what was owed (including all fees and other foreclosure costs) to the trustee and get the property back.

  3. During this stage the borrower does not have the title of the property anymore, so they can not sell the house, he does not have any rights to it anymore.

Hope this helped out… I am not a lawyer, so laws might be differant in your state…

Good Luck, and Happy Investing!!!