If my husband and I were forclosed on and the bank try to auction off our house but it has never sold, what happens now?

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If my husband and I were forclosed on and the bank try to auction off our house but it has never sold, what happens now?

Our home never sold and is listed as bank owned, it has been 3 years since the forclosure and our situation has changed. We checked into getting a loan for another home but the finance officer told us we have to wait 3 years from the time the bank sells our house to get a new loan. Is this true and what happens if the house never sells? It has been sitting empty.

Asked on February 12, 2012 under Real Estate Law, Virginia

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

I believe that the bank officer is wrong in his or her advise regarding the home that you lost in foreclosure. The home was sold at the foreclosure to the lender via a credit bid. You are no longer on title to it due to the foreclosure. The foreclosure triggers the time line regarding possible loans not the time when the foreclosed home is resold.

I suggest that you consult further with a real estate attorney about your situation.


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