Foreclosure sale question?
I just got back from new years family get together and found an advertisement letter from a law firm saying my condo was up for foreclosure sale on 1/6/10. Aint I suppose to get an official notice from the lender or county saying this? I mean this letter basically states "The records at the county clerk show that LENDER is scheduled to sell the prop. on 1/6/10.....If I already have a lawyer to please disregard the letter...ADVERTISEMENT!!!! I was expecting some sort of official letter from the lender saying when my last day would be, but I haven't received anything of that sort. I checked the clerk's website (which took some research) and sure enough I'm one of the 100's being sold that day.
Also, is it possible that no one would buy the property? This is one of many condos in the same complex facing foreclosure....if no one bids on it will I be able to stay in it longer?
I figured talking to the lender would be pointless since I have no income what so ever to offer them...I've surpassed 1 year of unemployment and no more benefits....The condo has been in forclosure for two years, since they had lost the original note....The last "official" notice I received stated they found the note and were presenting it to the judge....that was 2 months ago....nothing official after that untill I received this lawyer advertisement in the mail today.
Don't they give you 30 days to leave the place?
BTW, this is in Florida.
I know alot of questions, but any help would be much appreciated.
Going crazy, but keeping my cool...Thank you in advance.
- Anonymous1 decade agoFavorite Answer
It is very unlikely that they did not comply to the letter with the notification rules for foreclosure in Florida. So I suspect that all is in order there.
The lender(s) of the properties are all going to bid on the units for the balance owed on each loan. If aomeone bids more, they can have it because the lender will be paid off. If no one bids higher, the lenders will own the units and proceed to remarket them for sale.
You could talk to the lender to find out how much time you have after the sale to vacate the premises. They are going to want to get it on the market as soon as possible.