Belt Auction

What does "SOLD TO BENEFICIARY" means?

We are in a foreclouser and the auction was set for today and when we came home it said that it was sold to the beneficiary. But we just put in a petition for probate since my mother in law passed away and left the house to us. What are our rights and do they have to give us a evection if we can not stay in the home? How long can we stay before having to move?

Public Comments

1. It means the mortgage company bought the house from themselves. Depending on what state you are in you will have a redemption period. It can be 0 days or as much as 2 years. look at foreclosure.com
2. Yes, the mortgage company bid the amount of the loan. There were no bidders willing to bid more. I would ask your attorney to contact the lender on your behalf to see what it would take for you to recover the home from the lender. Fortunately there is a large glut of property on the market. I would expect that if you were able to make an offer to the lender that would get the lender out with no losses, I suspect that the lender would accept your offer.
3. This is a trust sale. In a trust sale, there is a trustee, trustor (you), and beneficiary (the bank). This is a cheap and easy way for the bank to take back the property in lieu of a foreclosure. The bank will notify you when you have to vacate. Doesn't matter that your mother-in-law left it to you. The payments were not made so the bank can take it back.