House being sold in auction

mindboggledinAR

Hello all,

I have not been here since divorcing four and a half years ago. wow!!

Some back story: I gave exDH the maritial home in decree. In 2013, I helped him re modify to lower payment after he agreed to assume loan out of my name. Needless to say, he did not do so. I called the mortgage co and he qualifies for the HARP program, however will not do that either. Finally, I took him to court for contempt.

The judge ordered him to apply for the HARP program and if he does not do so, he will sell house in auction and HE is responsible for whatever fees at that time for being in contempt of his order.

Has anyone sold in auction? What's to be expected?

TIA,

Latasha

MommyLiberty5013

Well, I think many people go to auctions to get a "good deal" on stuff. So, your home may not sell for as much as it could sell for if it were sold the conventional way via a real estate listing.

short+sassy

I don't really know how this will affect you since you gave him the marital home.  But, generally speaking, the primary buyers of auctioned homes are real estate investors.  And they don't pay retail or anywhere close to it.

I actually almost bought a home in an auction.  In fact, my bid won.  But when I went to back to look at the house after winning, it had been vandalized and my repair costs would have been double.  At that point, I walked away and luckily did not have any money in the deal or contracts signed yet.

beachrunner5

Yup... been there for the EXACT same reasons!  The bank wouldn't even let us short sell it even though we brought in 3 offers.  I worked through this for FOUR years... well.... 2006 loan, Florida, BofA... perfect s***t storm.

Here's where I resolved with everything in the end. First, the financial damage is done.  Nothing you can do there except wait it out, and let time heal the report.  If you keep everything clean, it will heal itself.  So let that go.  Just make sure you can handle the taxes on the shortage (the short is reported as income and is subject to income taxes!  Our government's way of kicking us when we're down).

Next, it was my PREVIOUS marital home.  At the time, I was engaged to my now Hubby.  It wasn't fair to ask him to live in the house, so it HAD to go.  My eternal marriage to him is worth a whole lot more then a house that I had only lived in for 8 years and will far outlast the time it will take for my credit report to heal (which I don't need anyway).

I did what I could to make good on the loan, but The World/Universe has it differently.  Just an honest girl caught up in modern-day economic yucky stuff.  We let the bank take it back and go to auction.  We cleaned the house the best we could and left it as clean as possible for the new tenants, whoever they may be.

Then I locked the door, and drove to my new home with my now Husband.