Past Owner Files Bkruptcy After My Win Bid At Foreclosure, Now What ?

I had winning bid at sheriffs auction, owner who still resides in home going to file bankrupcty beofre deed confirmation, what is going to happen and will I have any right to still buy the home? confused

Comments(3)

  • lp115th September, 2003

    yes you are still entitled to close on the property. the only problem is that should you decide to evict once you close on the property, you'd have to get the bankruptcy judge to lift the automatic stay, for you to proceed with the eviction, and that may take a few months to do......i suggest you offer a few dollars to the prior owner " cash for keys" to move out....

  • tonyd15th September, 2003

    Hey guy thanks a million for the response, advice, well taken
    Tony D

  • PassingThru15th September, 2003

    I know that here in Maryland, filing bankruptcy after the sale, does not give them any right to stay in the property or offer protection from the sale. However, there is a 30 day ratification period in which they can dispute the sale and ask for a hearing to determine if the sale should be reversed and the ownership reinstated. Check with your local courts to see what the process is in your area. If they can request hearings, you can still process a "Writ for Possession" of the property that can be granted before the hearing date. The sherrif's department will evict them in accordance with the Writ for Possession.

    Good Luck.

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