Profile picture for nanacates

.InVA What happens if a house does not sell at foreclosure sale at courthouse?

Our home has gone into foreclosure byCiti Mtg due to my wife's sudden loss of income and diagnosis of terminal illness with less than 1 yr to live.  Citi stopped the sale  but now with no notice it is again posted on the atty web site for feb. We don't know what to do. Legal advice is not really an option as we are going in have to rent a home, but how quickly?  Our home is on the market for sale.  Our realtor gave us blank paperwork except the address and gave herself 1 yr term of agreement.
  • January 29 2012 - Chesterfield
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Answers (4)

Sorry to hear your situation.

You can always terminate the agreement if you think their is a breach in listing agreement.

Your first step would be to contact Citi Loss mitigation department. Speak to them where your home on the foreclosure list is. Also ask them about the low ball offer that was submitted and why it was rejected or what is the current status?

After you collect the information you can either schedule an appointment with the listing agent and his/her broker. If the out come is not moving in the right direction you can definitely terminate the current agreement. If you still have time to pursue short sale you can hire a Realtor who understand and has experience with short sale in your area or hire an attorney.

Please never ever pay anyone upfront for any short sale negotiation. Negotiators and Realtor get paid at closing.
  • February 09 2012
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Profile picture for nanacates
Hi Rita thanks for replying.  Unfortunately the realtor is a very small operation and her broker established the rules.  He also has her write up an offer with his name on it but with a really low ball price.  We have found that what  they really want is to get our home for their broker to flip! and here we are with a 1 yr contract with these people.  It's really too much to deal with.  We want to find a nice home to rent and just walk away. Just think we have paid on this beautiful country home for over 20 years only to sscrew up at the worst possible time.  The "Realtor" was the person that submitted our humanitarian plea to Citi so I have no idea what she has said to them or who her contact person is there.  We are out of the loop.
  • February 01 2012
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Yes, I too am sorry to hear about your wife's illness.

You need to talk to an attorney who can help you figure out where you are in this process and figure out how to stop it, or at least slow it down so you can decide what to do. The frustrating thing when dealing with these banks is like Rita said one hand does not know what the other hand is doing. One arm can be telling you that they have stopped the process because of your hardship while the other hand is sending it off for auction on the courthouse steps. 

This is not something you can do on your own, get an attorney. There are attorneys out there who can help you. I don't work as far south as Chesterfield, but I certainly can give you some people to call who can help you and won't charge you much...hopefully nothing at all. Feel free to contact me through my profile if you would like me to do that.

Best of luck...

-Steve
  • January 30 2012
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Profile picture for Rita Walker
First of all, talk to the Broker of that Realtor about a blank contract being set before you to sign. If the Realtor is the Broker, find a new Realtor with experience in what needs to be done.

Contact Citi Mortgage. Banks are huge corporations and each department only deals with what has been put in front of them. Having said that, sometimes the left hand doesn't know what the right hand is doing.
Get something in writing.

You have a legitimate hardship and the bank should have offered you some options. Talk to a Real Estate Attorney that deals with short sales (should not cost you anything to ask questions, and many of the RE attorneys negotiate short sales while being paid a fee by the lender). It may, if nothing else, buy you some time.

Sorry you are having to deal with this while your wife is ill.
Good luck to you.


  • January 29 2012
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