Lost our house to foreclosure..?

Our house was sold at auction last Thursday, and we found out that the highest bidde was our mortgage company. Is this a good thing? Does that mean we still have a chance to work out some kind of arrangement? Also, how long do we have to leave here if the mortgage company will not work with us? I fear everytime someone knocks at the door it is the Sherriff telling me to get out. I know laws are different in every state, so if anyone knew any info for Missouri that would be great. 0 points to the best answer! Thanks and have a great day!

Public Comments

  1. You can call the Sherriff's dept and ask how long you have. It is usually 6-8 weeks. You will receive a notice with a date that you have to be out. As far as working with the bank, I am guessing you probably would have had to do that before they bought it back. They will want a big chuck of what you fell behind on and proof that you will be able to continue with your current payments.
  2. No, the mortgage company bidding means nothing. They ALWAYS bid if no one else did. This simply makes them the legal owner. You are no longer the owner and have no mortgage to work with. You should have already received it, even before the auction, but you are due a 30 day notice to vacate or the sherriff literally does come and tell you to vacate immediately.
  3. Sorry 'bout ya' Luck.
  4. This is extremely common, a mortgage company buying a property they put into foreclosure. You may come home tommorrow and find the locks changed and you'll have no way to get your belongings out. At this point your legally squatters and can be physically removed without notice. My advice is to move out immediately or you stand a chance of losing everything you own. There is no further opportunity for any arrangement with the old mortgage company. Its too late for that. If you like the property the only thing you can do is to get another mortgage somewhere and buy it when the old mortgage company puts it up for sale.
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