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Old 04-10-2008, 09:16 PM
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foreclosure New Jersey


What happends to the occupant of a foreclosed home if the house does not sell?
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Old 04-11-2008, 08:12 AM
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Never heard of that happening. The bank normally attends the foreclosure auction and will bid to protect their interest.
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Old 04-12-2008, 10:23 AM
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Location: Ohio (southwest)
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I've heard of it happening! Every now and then a house does not sell for the "opening bid", (My guess is the bank is owed less on the property than opening bid, or there is no mortgage; ie tax foreclosure sale.)
Anyway, for a house that does not sell for the "opening bid", here in Ohio, they bring it back for the next 2 sheriff sales and try it again. I've never seen one not sell during that time, so I do not know what happens after that.

BTW - FR; I bought a house for minimum bid once, for $32,000, if I remember right. The bank was only owed $26,000. The owner had died and the kids had no idea what to do with it. OH! There was a car left in garage too! I had to have it retitled with a salvage title. My handy man took the car in on trade of most of his work!
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