Foreclosure coming, can they really do this?

[spazmom]

What is the name of your state? Utah
We had to file bankruptsy last November. We were served a notice regarding our second mortgage which was in default. Then we were told that the bank had SOLD our note to another person, and there for the default was supposed to be suspended. Turns out this guy they sold the note to went with their notices!! We were not informed, and now we have received notice they are going to have an estate sale. There is a primary mortgage holder and a secondary. The secondary is the one holding the estate sale. There is pretty much slim to none that they will get their money out of it at this point, is there a chance they will back out when they discover that? OR is it too late now? And could our first mortgage holder bid on the house since they have no desire to forclose? What happens if the first mortgage holder does not get all their money??? Please help! Any answers would be helpful.

[seniorjudge]

Q: There is pretty much slim to none that they will get their money out of it at this point, is there a chance they will back out when they discover that?

A: They will not know that till they sell your land on the courthouse steps; someone may or may not want it.


Q: OR is it too late now?

A: The only thing (usually) that solves this kind of problem is money. If you can pay off your arrears, maybe they will let you keep paying on the mortgage.


Q: And could our first mortgage holder bid on the house since they have no desire to forclose?

A: Yes, the first can bid; anyone can bid.


Q: What happens if the first mortgage holder does not get all their money???

A: You may wind up with a deficiency judgment against you for the balance the first is not paid.