Getting Your Home Back
The simplest way to regain possession of your home is to purchase the house back during the period of redemption. The period of redemption is a period of time after a foreclosure has occurred where you will be allowed to buy back your foreclosed home. The lender or bank cannot sell your home during the period of redemption.
In Most situations you can even stay in the house during this period of redemption. Redemption periods are not available in some states or in certain circumstances. However, if you do have a period of redemption, you can buy your house back by paying what is that is due on the home loan and you must make up all of the missed fees and payments. In some rare situations, there are some lenders that will reinstate the home loan during this period is the homeowner can pay all that is owed.
If the state you live in does not allow for a period of redemption, you might have the ability to come across a solution to your problem prior to a sheriff sale. Basically, you have five days after a sheriff’s sale before the sale is finalized. If you can pay what is owed during this time period, the sale of the home can be reversed or stopped.
When trying to buy your home back, the problem is finding the money to get the house back. One thing that you can do to earn money to buy your home back is to sell your possessions. This includes your life insurance, retirement accounts, campers, cars, and other things. You can also find additional employment and have all family members help out.
You may also have the ability to rent out part of your property or home. If your credit is still good and you can make the down payment, you can borrow money. You can ask members of your family, bosses, co-workers, and friends for help. You can ask them to donate to you or make personal loans so you can get your house back.
If you want to receive a loan for a typical lender that specializes in foreclosure you will have to put thirty five percent down. If the loan payoff is two hundred thousand dollars, you will have to come up with seventy thousand dollars. This may be a lot but if you have any equity left in your home than this counts toward the seventy thousand dollars.
To save your home you might want to communicate with your lender or bank and try to have them reinstate your home loan during redemption. Not every mortgage holder will do this but the effort is worthwhile if your finances have improved and you can make reasonable payments.
You also have the ability to get a sheriff’s sale reversed if you want to regain possession of your home. There are many situations where the lender has not followed certain rules or there are legal discrepancies. If you hire an attorney who knows the process of foreclosure this could work as an advantage to you.
When the sheriff sale is halted, you lender will try to start the process once again, being mindful of the mistakes they made. Therefore it is important to act quickly and gather the money necessary to regain possession of your house. This strategy will buy you some time.