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Can I buy MY foreclosed home back from the bank?
Submitted by viclucaj
from MI
- 02/02/2009 - 1:16pm
Very unique situation: My wife and I are in the middle of the foreclosure process. Both of the loans are in my wifes name but I am(or was) on title. Outstanding liens total $320,000 - 1st lien holder accepted $160k pre auction on a short sale offer that fell through because the buyer was unable to get financing. Auction was held 2 weeks ago and being that we are in Michigan we have a 6 month redemption period.
Here is the question: Can I (the husband), qualify through another bank for a loan to buy essentially my own home back? Logically it makes sense for all parties involved. Bank A(lien holder) gets to unload the house, Bank B(new bank) gets a new loan, and my wife and I can stay in our home, for half of what the mortgage was. I would offer the same ($160k) as what they had previously accepted from another buyer. 2 hurdles seem to be my current address, which is in foreclosure AND the property trying to be purchased and if Bank A accepted 160k from another buyer, would they accept it from me if I was able to obtain new financing? Lastly, what happens to the 2nd lien holder? Are they SOL?
Thanks and I hope I painted a clear picture of this unusual scenario. Looking forward to your reply(ies).
- Still Hopeful in Michigan
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Hi - I've actually sold a number of homes I've purchased at auction back to the homeowners, so this isn't as unique as you'd think. The primary issue is that the law often states that the wiped out debt can re-attach in the event the homeowner regains title to the property. These laws were put in place to try to keep property owners from using foreclosure to strip debt away. For the particulars in your state you'll need to talk to a title company or attorney.
On the deals I've done, the buyer has used a close friend of relative to hold title.
I need a equity partner. I am in the middle of getting an intent to cure amount on my home in the Colorado Rockies. I have $1.4 million in equity!! I need immediate help. Thank you, Wil
How much do you need? I preferrr 100% undivided interest with an option by you to buy back during a period.......if you do not exercise buy back you lose option price. Make sence?
I will be in Longmont, CO in May and in the rockies in July
go to www.photoshow.com/watch/GJ8gS2ZZ and look at Moondance.. copy and paste.. looking for long term equity partner.
i was behind in my mortgage with an ARM and an investor came to assist. they now own the deed to my home and refinance to replace the ARM. What steps can i take to buy my home back if investor is reluctant, or is this possible
Find out what the laws are in your state. In California you have recourse and should know your rights. Check out CA Civil Code 1695
You can buy foreclosures for as cheap as 30% or 40% below market, but most foreclosures sell for 5% below market.And lender deals typically include title home insurance, which removes much of the risk that accompanies buying homes earlier in the foreclosure process.
I Lost my home to foreclosure was sold November 2009 , please what should i do I am in the state of Virgina. what i didn't understand is, i was working with the bank about saving my home and they've told me they're going to help me so i can stay in my home .I send them all the document they asked for (pay stabs , bank statements ,ex....) I've been dealing with this since July now they're saying OPS we sold your home . HELP I HAVE TWO KIDS I NEED TO KNOW MY RIGHTS NOW I CAN'T EVEN RENT BECAUSE MY CREDIT IS GONE TO !!!!!!!!!!!
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