My home is in foreclosure. I am filing bankruptcy. Can I buy it back at the auction?

Foreclosure occurs when the lien holder has the right to seize your property if the owner has failed to make regular and timely payments on the mortgage, property taxes, homeowners’ association fees or contractor’s bills.  The property owner has a right of redemption, which is the right of a property owner to redeem his or her real estate from whoever purchased it at the foreclosure sale.  However, this statute varies in each state.

If you wish to buy your house back at auction, determine the amount necessary to complete the purchase that may include:

• The total amount owed on the property
• Any attorney’s fees associated with the transaction
• The balance of the mortgage
• Any back taxes owed on the property

You can bid at your own auction if you have the required deposit.  This is a non-refundable deposit and if you are the successful bidder, you must be able to refinance the home within the specified period of time required under the terms of the auction.  You should talk to a bankruptcy attorney who can give you advice on how to keep your house during bankruptcy.