If my house has been sold on auction can it be reversed?
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If my house has been sold on auction can it be reversed?
Asked on October 6, 2011 under Bankruptcy Law, California
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
Note after the house has been sold, unfortunately. Prior to the sale, you should have been able to redeem the house from the lender (if you had the money that you owed). Also, prior to the sale, you would have been able to at least stay--or temporarily halt--the foreclosure and sale by filing for bankruptcy; that at least would have given some time to see if you could work matters out with the bank. However, once the house has been sold at auction, there is nothing to stop or halt--it belongs to another person. That also means that the rights of a (presumably innocent, acting in good faith) third party, the person or business which bought the house at auction, are now implicated, which itself would often prevent you from reversing a transaction, since to do so would be to harm the interests of someone who paid valid consideration in good faith, and the law is reluctant to do that.
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