A Sheriff Sale is also called a foreclosure auction. At this sale, foreclosed houses are publicly auctioned off, typically at lower prices than standard. This is a tool for lenders to make back some of the money lost by outstanding mortgage payments.
If your house has been foreclosed upon, it is still possible to regain possession before or even after the Sheriff Sale. Bankruptcy attorneys Cibik & Cataldo have years of experience handling foreclosure cases. Our team can help guide you through the Sheriff Sale process, including what to expect, what options you have, and how to regain possession of your home if possible.
Sheriff Sales can be stopped, but you’ll need the help of experienced bankruptcy lawyers. Contact Cibik and Cataldo for a free consultation to discuss your debts, your foreclosure terms, and what we can do to help stop your home from being auctioned off. If you are early in the foreclosure process, it is possible to stop the foreclosure on your home before it gets to auction.
Our attorneys can help you negotiate terms of repayment, so that you can retain your home and begin paying off overdue debts. While repayment may sound impossible for those struggling financially, it is possible to lower the cost of monthly payments so that you can set a more realistic budget to pay off debt. Most lenders would rather receive payment than sell the house for a reduced rate, so let the attorneys at Cibik and Cataldo help negotiate with your lenders to stop the Sheriff sale of your home.
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An approaching Sheriff Sale of your home may seem like the end, but there is still hope. Contact our team at Cibik & Cataldo, P.C., to discuss your options for keeping your home and refinancing debt. Our attorneys have handled numerous foreclosure and Sheriff Sale cases, and we can offer our legal advice with compassion and understanding of the stressful situation you are in.
Probably not. In Pennsylvania, a homeowner does not have right of redemption once a home is sold at a mortgage foreclosure sale. In some very rare cases, a sheriff sale can be reversed if it was sold at a tax-debt sale.
If a home doesn’t sell at a Sheriff’s Sale, it become real-estate owned (REO) property. The home ends up in the possession of banks or other lenders until they can sell or auction off the property.
Yes, in theory you can get a loan to buy a home at a Sheriff sale. Typically, you would get an FHA loan to purchase a foreclosed home, but you would need this loan to be approved at the time of the auction. If your home was foreclosed upon, it will be difficult to impossible to get a loan to try to win it back at the auction.
Yes, Sheriff Sales are open to the public. They typically take place in county courthouses.
The proceeds from properties sold at Sheriff Sales go toward the mortgage lenders, tax collectors, or banks that were not paid by the previous owner. This is the solution to repay those lenders whose borrowers fell into default.
The amount that a house sells for at a Sheriff Sale depends on various factors, including the appraised value, market conditions, and availability of interested buyers or investors. More often than not, foreclosed homes sell well below the appraised value at foreclosure auctions, making it a good opportunity to find a cheap investment property.
If your home has been foreclosed upon and is headed to a Sheriff Sale, there is still a chance for you to get it back under redemption rights. Repossessing your home after foreclosure is difficult, however, so contact our attorneys at Cibik & Cataldo, P.C. to learn more about the laws around foreclosure and your options. Come in for a free consultation to discuss your debt, finances, and opportunities to keep your home.