Legal Question in Real Estate Law in California
My house was up for bidding this morning but was not bid for; it is now an REO, what is my next step to try to keep the house? We have tried several loan modifications but have been denied. We do want to stay in the house and willing to continue our monthly payments.
4 Answers from Attorneys
You have no steps. Your house was sold. The lender bought it. Unless there was something illegal about the sale, you need to start packing. If there was something illegal about the sale, you have only a matter of a few weeks to file something to fight the sale, and will need a lawyer to do it or you are guaranteed to lose.
It is kind of late to offer to reinstate the payments now.
"It was not bid for" and "is now REO" are incompatible concepts. What you must mean is that the bank was the successful bidder -- otherwise it would not own the property. Contact the bank or the trustee for details on what happened at the sale. Possibly the bank would accept you as a tenant.
It is no longer your house. You already said it is REO [real estate owned - by the lender] You may be able to buy it back within a year by paying off all money due.
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