How will banks handle Houston foreclosure auction cancellations?
I'm interested in a property in Cypress, TX that was scheduled to be auctioned off in the Harris County Foreclosure auction today (1/5/20). However since the auction was cancelled, I'm wondering how the bank will handle selling the property. I would think the bank would be incentivized to sell the property using another method since the Harris County auction has been cancelled for the past 8 months. Can someone tell me if banks are legally required to attempt to sell foreclosed properties at a courthouse auction before attempting other methods (like REO, online auction, or direct to investor)? If not, any idea how banks have been handling this issue in Houston or other areas? I imagine that this is not something that banks are dealing with only in Harris County.
And in case you were wondering, I have attempted to contact both the bank and the homeowner with very little success. I talked to a couple customer service reps with the mortgage servicer (PHH). One guy confirmed they did have a mortgage for that property, but wouldn't give me any more information and just directed me to Hubzu, HUD.gov, etc. So unfortunately even if the bank is more incentivized to sell I don't currently have a contact, but at this point I'm just curious.
Thanks in advance!