Can you stop a sheriff sale

Whether or not the bank can get a deficiency judgment depends on state law. After the bank makes its credit bid, another person or entity can submit a higher bid and win the auction. Unlike the bank, a third party will likely need to put down a money order or certified check for a percentage of the property price at the time of the sale.

This requirement varies from place to place. If the winning bidder doesn't pay the balance within a set time frame, the deposit might become non-refundable, and the property could be re-listed. Or the purchaser might have to pay the full amount of the winning bid at the time of the sale. The buyer then gets the property in "as is" condition. If a third party is the high bidder at the auction, the proceeds are used to repay the borrower's debt. But if the sale amount isn't sufficient to pay off the full amount of the debt, the bank might be able to again, if state law allows it get a deficiency judgment against the foreclosed homeowner.

As a homeowner, you can take action to try to prevent a sheriff's sale from happening and keep your home. You could potentially, depending on your circumstances, as well as state and federal law:.

You might, depending on state law, also have options for a brief period after the auction. If state law provides a post-sale redemption period , you can repurchase the home and keep it. Or state law might give you the right to live in the home during the redemption period, even if you don't exercise your right to redeem. But if you don't move out when your legal right to occupy the home ends , you'll most likely get evicted. Under limited circumstances, you might be able to challenge the sheriff's sale by filing a motion to set aside nullify the sale.

A court might set aside the sale if you can show that there was fraud, mistake, or irregularity in the conduct of the sale. For instance, if the bank failed to send you appropriate notice or the auction wasn't properly advertised in the newspaper as required, these failings can be grounds for an objection to the sale.

As with any legal situation, the law has many nuances and complexities that vary from state to state. It is important that you contact a foreclosure defense attorney as soon as possible if you are facing an Ohio sheriff sale. Reach out today for a free consultation so we can discuss your situation and begin fighting for you. Click here for driving directions. This site is an advertisement: Legal Disclaimer. The information you obtain at this site is not, nor is it intended to be, legal advice.

Utilize a short sale. Depending on how quickly the date of your sheriff's sale is approaching, you may be able to stop it buy utilizing a short sale. Have your lawyer request permission to sell your house for less than you owe on the mortgage simply to get the bad debt off bank's books. If they agree, recruit someone you know to buy it and rent it back to you. You may purchase it again at a later time from the new owner. Turn to your family and friends for help. If you are out of options and the sheriff's sale cannot be stopped using traditional methods, call on your family, friends and church body.

Depending on the amount you owe in back payments and on your mortgage, your friends and family may be willing to help you save your house with private loans or gifts.

Be aware of the scheduled date of your sheriff's sale. This will give you an idea of how much time you have to save your home. Never avoid lender attempts to reach you during the foreclosure process, especially if you wish to save your home. Personal Finance Home Finance.

A sheriff's sale can be stopped, depending on the circumstances. Step 1. Video of the Day. Stop creditor calls. Stop garnishment. Stop foreclosure. File Chapter 7. File Chapter Emergency Bankruptcy. Schedule Consultation. We hate SPAM and promise to keep your email address safe.