If I am foreclosed on can I get it back

On a foreclosed property and it goes back to the bank will they negotiate a new loan modification to get the loan performing

Comments

Unlikely. If you do buy the property back, and debt that was wiped out by the trustee sale can "reattach", such that you owe it again. Makes it really hard to get financing or title insurance.

One exception would be if the lender was willing to rescind the foreclosure sale and do a loan mod. In that case it would be as if the foreclosure never happened.

what can homeowner do in this situation: mortagage payments fell behind , mortgage company threatened to sell property in forclosure. the sale date was scheduled for aug. 20 . the mortgage company was contacted on aug 5th at which time the home owner asked what choices do they have to retain their property and stop sale of property. mortgage company informed owner that they have two options either partial reinstatement or full reinstatement. the home owner decided to take the partial reinstatemen which include a payment plan for the remaininng balance. home owner asked if he could have anything in writing and was told by lender that they could give something in writing once they recieve payment for partial reinstatement. home owner mailed with overnight mail the funds to do partial reinstatement and funds where received by mortgage company on aug 10th. The home owner called mortgage company to get verification at that date and was told that the represenative that they had spoken with on the the previous contact had misinformed the home owner and that the home owner could not be approved for partial reinstatement. Home owner then asked ok whats the difference and was told by mortgage company that the new figures would have to be reordered and would take three days 72 hours. the home owner called back on the third day which was aug 14th to get difference. note that the bank had already received first funds sent by home owner and the homeowner needed to know how much additional he had to pay to stop sale of property. once home owner contacted mortage company on the 14th and explained situation to mortgage company represenative, represenative said i think i should get a supervisor for this issue. once supervisor got on phone they informed homeowner "since we already have accepted your funds let me see if i can get my mananger to approve you for the partial reinstatement with repayment plan. The supervisor returned to the phone and told home owner that they had gotten the approval and the mortgage payments would be adjusted for 8 months and first payment would be due in sept, 2009. when homeowner called back on sept 4th to ask where does the payment be sent to due to the repayment , reprenative told him what the payment amount was and to send to the same address on previous statement. homeowner once again asked for verification and was told that mortgage company could not email anything but could possibly fax something and to hold on so that they the represenative gor mortgage company could see what they could fax. Represenative returned to the phone and said " im sorry but it seems someone made a mistake and gave name of mortgage company represenatives whom had done so. They stated that they had approved home owner for a partial reinstatement that the investor on the loan did not approve and the property went for sale on aug. 22, 2009. the mortgage company also stated that the would put urgent email to employess whom were responsible for the mishap because the were the only ones who could rescind the sale of property. since then the mortgage company has not returned funds to homeowner and have callled several times saying they are trying to see if they can get the sale rescinded... what rights does the home owner have in this situation and are there any other people who have had similiar things happen to them?

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