Tuesday, March 17, 2015

Is It Possible To Reverse Foreclosure Sale?

Question: I spoke to my bank informing them that I was in the process of getting money from my pension plan to pay arrears and avoid the foreclosure sale of my home. I was told to keep them posted as to when I would have the funds available, meanwhile the foreclosure sale was postponed (that was a couple of weeks ago). I called my bank today to give them an update and I was told my home was auctioned off last week. What can I do? Do I have any legal claims against the bank?

Response: Unfortunately, once the property had been auctioned off, it is very difficult to reverse the process. You would definitely need an attorney to bring an Order to Show Cause to Vacate Judgment of Foreclosure and Sale with only a slim chance of being successful. It is possible that the bank marked the foreclosure sale postponed in their system by a couple of weeks but the attorneys for the bank might not have been notified or went ahead with the foreclosure sale anyway. You can contact the attorneys and see if they will allow you to reinstate the loan at this point, which may depend if the property was purchased by the bank itself or a 3rd party. Sadly, you are in a tough situation here.

In the legal blog, Attorney Svetlana Kaplun addresses typical questions our firm has received from our clients, or come across from homeowners related to foreclosure, foreclosure defense, loan modification and bankruptcy topics.

The information contained in the legal blog of Attorney Svetlana Kaplun is for informational purposes only, and should not be construed as a legal advice on any subject matter. Please read our full disclaimer or contact the Law Office of Svetlana Kaplun, P.C. by telephone at 718-444-1115 for more information.
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