5 Secrets to Getting Your Home Back After the Foreclosure Sale

Posted by on Oct 16, 2012 in Questions and Answers | 43 comments

5 Secrets to Getting Your Home Back After the Foreclosure Sale

Even after you lose your home at a foreclosure sale, you still have a couple ways you can get it back.e

Buy it Back

 

Your first option is to buy your house back from whoever bought it at auction. This is more likely to happen if it was your lender that bought the home back, but is possible even if it was someone else. You’will probably need 3rd party financing (which may be difficult or impossible to get). Sometimes, your lender will refinance your purchase,  so you should at least ask the question if you have the income to support the payments.

Right of Redemption

Some states also have a “statutory right of redemption” after a foreclosure sale. This is a period where you (as the previous homeowner) can repurchase the home by paying the total purchase price plus interest and any allowable costs to the person that bought your home at the sale. Filing a bankruptcy can give you even more time to take advantage of your redemptions rights, but this varies from state to state. Talk to a bankruptcy attorney if you have questions.

Military Service Has It’s Perks

Active duty military personnel have additional, specific rights regarding redemption periods and other foreclosure and credit-related issues. You should research the Soldiers and Sailors Civil Relief Act if you are or were in the military or called to active duty.

Legal Avenues

 

Under certain circumstances, a court can set aside the sale of your home. If your lender did not follow the correct procedures during the foreclosure process, including properly notifying you, you may be able to get the court to set the sale aside, which will make it so the sale never legally happened. If you think this is the case, discuss your situation with a lawyer experienced in these matters.

Don’t Leave Your Equity Behind

Finally, if there was equity in your home after it was sold, you may be legally entitled to it. You should expect your lender to deduct appropriate fees for servicing your account and processing the closing of your loan, but go over every fee very carefully to make sure they make sense. Some lenders have been known to tack on fees simply to eat up all the equity so they don’t have to pay you what you are owed. If you are in this situation, contact a local lawyer familiar with foreclosure law.

 

43 Responses to “5 Secrets to Getting Your Home Back After the Foreclosure Sale”

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  5. Can any one help me or know a lawyer that can help me please

  6. frank feltes says:

    Can you help

  7. Paul schaper says:

    my primary residence (In florida) was final judgmented back in december 2014. House has been auctioned off by bank to high bidder, closing is scheduled to be May 22. High bidder has contacted me about a 2 year lease (some cash and some real estate traded) that I can live with.
    Any problems wI think this? For either party.

    Paul.

  8. Christina norman says:

    First, we built our small home just before being married in 2005 and NEVER, not even once did we miss a mortgage payment or even have one late for that matter. November 2008, all this changed. Every time we called Chase mortgage group, we were put into a “loan modification” which is another term for stall tactics. Absolutely no one could tell us the status of our loan, and more importantly, where all of our payments were being applied. At one point, our loan was mixed up with another elderly couple. We were issued mortgage insurance without our knowledge and payments would reflect amounts that even they couldn’t figure out, including arrears from apparently someone else’s account. We were never given copies of ANY of our mortgage file after requesting them over 60 times and even after paying for them. We were able to stop the foreclosure process 5 times but after exhausting every dime of savings we had fighting an insane battle with Chase Mortgage for over 5 years, they sold our property via public auction in Feb 2014. We found this out by a hard Knock at the door from a young guy with torn up jean shorts and a smiley face shirt on with the unhappy information of, “we own this property now. You have 24 hours to vacate premises.” He handed us a crumpled piece of paper with a number written on it to make arrangements.” The next day, and everyday for the following 3 months we had eviction notices stapled all over the exterior of our home, even after going to court to stop the proceedings. Luckily, We were allowed to stay in our home, but only by paying rent of 3 times that of our previous mortgage., plus additional pay for our 2 small poodles that we’ve had for over 10 years. After living here for 20 years, we received more than some interesting looks and questions from our friends and neighbors-all of which we really had no answers-we were just as bewildered as they. After this so-called sale occurred , we still have not been able to get copies of any mortgage material. So, now that both our credits have been severely damaged, we have no choice but to stay here and pay whatever this rental company demands. . Point is: they are BIG and we are small. They just waited on us to exhaust all of resources and succumb to their demands. There has to be some justice in this world. Hope is a word that I used to know and love.

    • Similar situation. There is no justice in the world and HOPE is the worst thing someone can offer to people in our situation after the bank has bled you DRY to no avail. You do everything possible to keep your home (18 yrs into a 30 yr mortgage–and the bank never took real estate taxes out of escrow) and they just wait you out while you spend and spend trying to keep it. Then they come in like the vultures they are…or the others of the world who can’t wait to take advantage of your misfortune. That’s the real story people. There are no happy endings to these stories. Or they are as rare as a unicorn.

    • Almost my exact situation with Chase. I’m in Washington state… where are you from?

    • Please give me a call for a free consultation at 213-446-6766. Attorney Linda Fessler

    • Jerry webb says:

      I bought my home during the eqaifax security breach not to mention a loan office that completely lied to me my interest rate was suppose to 3.5 and ended up being 5.25 my payment was suppose to be I. The upper 900. And ended up almost 1200 anyways theives took over my bank account causing me to miss payments the lender would not help me in any way at all even though they messed the original paper work up not to mention they didn’t even give me my final paperwork till the day of closing

  9. Hi my house is sold out in foreclosure action one week ago can I get house reason missing payments if possible I made a missing payments then they are back my house I need help thinks

  10. Angela Edwards says:

    I am hoping to get a quick response to this comment because I am trying to help my 79 yr old friend keep his house. He is facing an eviction currently and time is not a luxary at this point. That company should not have relied on this man to be able to keep up with all the loan terms with a complete understanding of what his role is and what he is responsible for. He believed his house was safe and everything was taken care of after filing a reverse mortgage. He has no family members and friends are faw from few. I need to know where to start and what to do to stop this foreclosure,

  11. Anyone needing help… send a request to your bank for your right to conduct an original note inspection. If they deny you or play games, they don’t have it. Without it they are screwed. If they securitized your loan it’s gone. Don’t accept copies.

    • Definitely good advice, but not that easy. Many courts have been letting them get away with copies. You should still demand it.

  12. Joseph Lee says:

    How can I get my home by the va is about to sale it

    • insight says:

      Mr. Lee –I tried calling you back several times with additional advice, but I could not get through to you. Linda

  13. Colin Matthews says:

    These banksters foreclosed me with robo signers I got the proof facing eviction with 5 kids NY
    Wells Fargo and aldridge pitte law firm
    Can someone call me if they can help
    Colin Matthews 347 536 4918

  14. Hi my name is Helen guarrracri ..my house was taken away from Goldman and sach ok first the court papers he had had already expired with the court.. I think direct which tho rush more befor the elf ebb was even rebbe end … the layortiiik advance of us now we have no were to go…

  15. Hi my name is Helen guarrracri ..my house was taken away from Goldman and sach ok first the court papers he had had already expired with the court.. I think direct which tho rush more befor the elf ebb was even rebbe end … the layortiiik advance of us now we have no were to go…we we

  16. JoVonne M Justice says:

    THANK YOU SO MUCH! very helpful information. Linda is very easy to get in touch with and very helpful. I am in Montana and had our home go into foreclosure and went bank to the bank after auction. Only wish I had come accross this site before the auction of our home. Still got some great advice and help from this site and from Linda. Thank you so much!

  17. Looking for help with my aunt foreclosed home. She doesn’t have mortgage and the City of Schenectady N.Y. foreclosed on her home for property tax from 2015. We have been running around trying to get help but with no success. The Marshall came and kick out home elderly aunt.Recently someone recommended filing Chapter 13 bankruptcy. Please advise

    • Please give me a call at 213-446-6766 for a free consultation.

      • Desperate says:

        I need assistance in the state of Missouri home was foreclosed on in December never got notice. Facing eviction have court next month this is my 3rd time been stalling unable to find attorney for help.

      • Desperate says:

        I need help in the state of Missouri home was foreclosed on in December never got notice. I know I was in default the servicer wouldn’t accept payment from me my name mysteriously wasn’t on the loan just my husband after questioning them about payments prior to the loan being sold to them. The servicer bought the home or bank whichever they want to be that day same company owns and service the loans. Anyways they was the only bid of 100 grand less than it’s worth and 50grand less than what was owed. Very shady company now I’m Facing eviction have court next month this is my 3rd time been stalling unable to find attorney for help.

    • >
      > Have you tried speaking to your Senators. Many states will just put a lien on the house and they collect when you sell the house, particularly with seniors. How much did she owe in taxes? Someone may have bought the house from the state. Give me a call at 213-446-6766.

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  19. Randy Lilscomb says:

    I done everything I could to keep my home from foreclosure I even paid a lump sum to reinstate my mortgage but none of there “work out opptions” help in fact it made things worse. Now it’s been forclosed on and I don’t know what to do and I have lived here my whole life .

  20. I am a single father of 4 who was recently divorced this past December, 2018. My ex-wife and I purchased the house in 2004. She left me in October, 2017 and never returned to the residence. I’ve lived in it since but it was sold in foreclosure auction on September 26, 2019. I’m blown away but this because I wanted to stay in my home mainly due to the fact that my children have been hit hardest by all of this and keeping our home made things more comfortable and familiar for them.

    My ex had her lawyer work some sort of magic in order to have her name taken off of the mortgage, which was originally taken out in her name…all without my knowledge. We’re equal owners on the property & a few weeks before foreclosure she has her name taken off of the mortgage. She also had her mail forwarded when she left so ALL information related to the property was forwarded to her without ever seeing it first. She does not communicate anything like that to me and attempts to sabotage me at every turn.

    The remaining balance of the mortgage is $119,000 and the estimated value of the property is $240,000 now. I’m going to lose ALL of that equity after having been here for 15 years!

    Please help!

    Jay

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