So before I get started into the details of a sheriff sale, let’s refer back to a blog post in the summer about reverse mortgages. If you recall, we had placed an offer on a home that had been sitting empty for two years. Our goal was to pay the debt on this property and take ownership before it went into foreclosure. Once foreclosure starts, the bank takes possession of the property. This is the legal process used by the bank to recoup their money. Once the foreclosure process starts, it becomes near impossible to do anything. You are no longer negotiating with the owner, you are dealing directly with the bank.  At this point it is just a waiting game until they decide to post a sale date. Well long story short, this property went into foreclosure. We never heard back from the reverse mortgage company and it is now listed for sheriff’s sale.

So before I get started into the details of a sheriff sale, let’s refer back to a blog post in the summer about reverse mortgages. If you recall, we had placed an offer on a home that had been sitting empty for two years. Our goal was to pay the debt on this property and take ownership before it went into foreclosure. Once foreclosure starts, the bank takes possession of the property. This is the legal process used by the bank to recoup their money. Once the foreclosure process starts, it becomes near impossible to do anything. You are no longer negotiating with the owner, you are dealing directly with the bank.  At this point it is just a waiting game until they decide to post a sale date. Well long story short, this property went into foreclosure. We never heard back from the reverse mortgage company and it is now listed for sheriff’s sale.