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What happens when your home is sold

You are here: Home / Foreclosure Process / What happens when your home is sold

December 30, 2009 //  by Michelle Castillo

After the initial court hearing at which an Order for Conduct of Sale is made, there must be a second hearing to confirm the terms of the sale. The order made at the second hearing is called an Order Approving Sale. If you’ve filed a Response to the Petition, you are entitled to receive a document notifying you of the second hearing. You’ll receive a Notice of Motion, along with one or more Affidavits.

If you wish to contest the application by arguing, for example, that the proposed selling price is too low, you must file a Response document again and one or more supporting Affidavits. Those documents must be delivered to the Petitioner within seven days of your receiving the Notice of Motion. The lender will then deliver a Notice of Hearing and any responding Affidavits. Finally, you must file the original of the Response and any Affidavit at the court registry before the hearing.

When a home is sold under an Order Approving Sale, the proceeds of the sale are used to pay the real estate commission, the mortgage and other amounts owed to the lender, other mortgages, judgments, and items such as property tax, strata dues, or builders’ liens still owing. You get anything left after all the debts registered against the property have been paid.

If the sale proceeds don’t cover all that is owed, the lender still has a judgment against you for the remaining amount. They can try to collect this from you for up to 10 years; after that, they can renew the judgment.

The sale order will set a date by which you have to move out. This will usually be the possession date proposed in the sale contract that will be part of the lender’s Affidavit. Courts usually give respondents around 30 days to move after the date that the Order Approving Sale takes effect, but it can be sooner.

Article Source: Legal Services Society, BC

Category: Foreclosure ProcessTag: Foreclosure Solutions

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