Foreclosure Help

[horseylove85]

What is the name of your state (only U.S. law)? I am from Lansing, Michigan.

Hello!

Have a question for you guys, as my lawyer isnt giving me the information I keep seeking and am starting to get very :angry at this all.

Back in October we found a house in our current community going into foreclosure. A for sale sign was put up (by a local real estate company that does a lot of repo's for lenders) we put in a bid, our earnest deposit was accepted and cashed (1,000) and were waiting on closing. (supposed to be Dec. 1st) (by the way, this was a CASH deal! Not a mortgage deal!)

Fast forward to now...apparently the bank the foreclosure went through messed up on some title work to the home, and now has to go through the foreclosure process again. (I guess the husband forgot to sign off on the property deed???)

We've been told that we CAN lose the home by some people, and by others we CANT lose the home because the real estate company cashed our deposit check. I am at a loss as to what to do because the house we're renting, the owner is letting it go back into foreclosure (I know, yikes!!!) and it was tagged back in December and is now listed on realtytrack as being in pre-forclosure. I'm scared and don't want to be homeless when I was SUPPOSED to already BE in this other house.

Does anyone have any help for me?

[seniorjudge]

What does the contract you signed say in answer to your questions?

[horseylove85]

I don't have it in front of me (at work )

From my understanding the house is mine...just have to wait for the foreclosure process to go through correctly. BUT another person (who ironically, is the real estate agent FOR the bank, we didn't get our own) said that it could potentially be sold at the courthouse when it gets to that stage in the process.

The property is no longer listed online (was pulled from the real estate agents website and all others like remax) YET the property has the sale sign on it. Two weeks ago they put a notice on it that it was in default and was to be sold on Jan 22nd at the courthouse....

But I had a good friend of mine call the agent and ask if the house was still available, and he told my friend it was already in contract with another buyer...(which would be me)

Ugh**************

[FlyingRon]

I'm confused as to the nature of your initial contract. It doesn't sound anything like a foreclosure (either judicial or right of sale). But if the bank is the owner of the property, you're probably protected. If there is an actual foreclosure, the ownership of the property will be based on the public sale NOT any previous contract (though you will be able to recover your deposit and perhaps even damages for the breech).

You should get a lawyer. I'd have had one to look at the contract anyhow.

[HomeGuru]

Originally Posted by horseylove85

I don't have it in front of me (at work )

From my understanding the house is mine...just have to wait for the foreclosure process to go through correctly. BUT another person (who ironically, is the real estate agent FOR the bank, we didn't get our own) said that it could potentially be sold at the courthouse when it gets to that stage in the process.

The property is no longer listed online (was pulled from the real estate agents website and all others like remax) YET the property has the sale sign on it. Two weeks ago they put a notice on it that it was in default and was to be sold on Jan 22nd at the courthouse....

But I had a good friend of mine call the agent and ask if the house was still available, and he told my friend it was already in contract with another buyer...(which would be me)

Ugh**************

**A: there are still more steps to the process. Do more research.