Foreclosed home buy back?

almost every lender has at least a 2-3 year period after you have a foreclosure before they will finance you again.

The only other option would be a hard money lender but being that you just had a foreclosure I'm not sure if that would be a good option for you. Their rates are very high and your payment might be even higher than the one you just got foreclosed on.

I'm sorry :(

the only option that i see at this time is to have a family member or someone you trust 110% purchase the home for you in their name and their credit. you can then do a land contract or lease purchase with them to refinance or purchase the home back from them at a later date. if you are going to ask someone to risk their credit, etc. i would give them a premuim for doing so. such as a higher price when you buy from them, or a higher monthly payment, etc. hope this helps sort out the options for you at this time.

the lender claims previous owners canot repurchase listed foreclosures. i find that hard to believe, does anyone know if this is true

Hi jane!

Welcome to forums!

There is a redemption clause which will help you to buy your property though it is foreclosed upon by the lender. However, laws may vary from state to state. You can contact a real estate attorney and take his opinion in this regard.

Feel free to ask if you've further queries.

Sussane

our home dropped by 250,000 and the same time my husband lost his employment. the home wouldn't sell and we owed much more than it was worth. michigan is in terrible shape, anyway after careful consideration we ended up filing bankruptcy because we feared a deficiency judgement by who we thought was our primary lender. we have both a mortgage and a heloc. to make a long story short, we discovered that when we refied our mortgage, either the title company or the bank messed up and didn't file a subordinate and the heloc is now in first position at the county. they didn't waste any time filing foreclosure, they didn't want to modify at all. as far as our larger mortgage, we tried for 18 months to get a modification with no luck. they kept stringing us along and it never happened.
right now, the stay has been lifted so the heloc can get the house sold at the court house. in the meantime we just today received paperwork from the larger lender stating that they just got a stay from the bankruptcy and they will persue foreclosure. their paperwork stated that besides them there was a second lein holder naming the heloc. apparently they still do not know that they are in second position at the bank. the heloc is for 140,000 and the larger loan is for 300,000. again, our home is no longer worth anywhere near that. our bankruptcy attorney told us that the chapter 7 protects us from these creditors. i sure hope that is true. we have some money in a 401k and we have been saving some money the last few months and we were hoping to buy back our home during the redemption period if possible. do you think the lender of the larger loan may place a bid at the auction? we were told by our attorney that it is very rare for this to happen but i am guessing with the mortgage mess it might be more common lately. any advise would be most appreciated.
thank you!

Hi Elizabeth,

As the automatic stay has been lifted by the court, there are chances that both the lenders will have the rights to pursue you for the deficient balance resulting from the property sale. However, it will be the discretion of the lender whether or not he will bid at the auction.

Take care

Actually, there will be enough money to pay off the first note, it is the second note that is in second position that is the one that won't be satisfied. By the way, are you a realtor or an attorney? Because we were acvised by an excellent legal team that once we go through bankruptcy and the mortgagor is listed they NO Longer can sue us for a the balance owed. Foreclosure alone wipes out the secondary mortgage then bankruptcy protects one from a deficiency judgement.