how hard is it to rebuy back your house after you lost it in a foreclosure?
609653
Don't compound your error by trying to buy back that particular house.  It sounds like an emotional decision based on an emotional loss of the house in the first place.  Don't let your emotions rule this financial deal--go look at other houses and move on.
670412
Assuming that your question is how do you go about buying a home in foreclosure I suggest the following.  First you must find the home that is in foreclosure.  Look in the legal notices in your local newspaper or a legal newspaper generally circulated among lawyers.  There you will find two publications that will put you on the track of a foreclosure.  First are the Notices of Default.  These are reuired to be published when a lender (usually a bank) wants to foreclose on a loan because of non-payment by the borrower.  From these notices you can identify the amount of the original loan on the property, the amount of delinquency, the name and address of the owners and the name and telephone number of the Trustee (The person who is managing the foreclosure and who will conduct a foreclosure sale if the back payments and costs are not paid.  The notice is a three month notice so you have a lot of time to look at the property (usually from the outside only) to see if it is what you want.  Unfortunately for you however the owner also has three months to pay of the arrearages and cure the defalult and thus prevent the foreclosure sale.\n\nThe second thing to look for in the legal section of the newspaper are the Trustee Notices of Sale.  The trustee is the person who will conduct a sale if the defalult is not cured, that is, if the arrearage is not paid of in the time alloted.  The sale of the property usually takes place on the courthouse steps and usually very few people attend.The Trustee's notice is a twenty day notice usually and you are given the time and place of the forclosure sale which is an auction sale.You are also told the mimimum bid which is the amount of the outstanding balance on the loan plus all of the costs of the foreclosure proceeding.The sale is however a cash sale so you must be prepared to go to the trustee's sale with cash.  Well it need not be dollar bills but it must be in the form of a certified check.  The trustee will auction the property off to the highest bidder of those present
94951
To purchase a rehab home, yes, in order to resell and make a good profit?  Yes.  However I would not want to deal with someone about to be foreclosed upon, because I think, in my opinion, that you would be preying upon someone in a desperate situation where they might not be making rational choices because they feel they have no other options.  \n\nThere usually are other options, and if I was in that position then I would contact a local mortgage broker, explain my situation and see if they could help in any way before I "sold" my house for cash to get caught up on bills that are behind.
1069652
First of all you are purchasing the property in a as-is condition and the bene does not plan to do anything about that situation.\n\nThe Bene will have someone there to ensure that they make the minimum bid of whatever the loan is. So if the loan on the property is 150K to include all foreclosure fees, attorney fees, recording fees and any other cost to complete the foreclosure, the lender will have someone there to bid 150K. After he bids that he probably will not bid again.\n\nKeep in mind if the property is being sold at the foreclosure auction the person performing the auction will want to see your cash or cashiers check before he will allow you to bid on the property. So make sure you have enough cash on hand. You will not be able to bid unless the cash or cashier check is there,  you can not win the bid and say you have to go get the money.\n\nThe lender will in most instances get rid of the person residing in the property now, that need not be a concern of yours.\n\nAt this point it is useless to approach the owners. You must contact them at the beginning of the foreclosure procedures but long before the lender has set a sale date or trustee sale. That is the best time to purchase a foreclosure is by contacting the owner before the property goes to sale by the lender.\n\nThe only liens you have to worry about is the one you are bidding on. The other thing you might have to bring current is the taxes, but most of the time that is included in the fees the lender had to pay out.\n\nTo check for liens on the property you can get a title company to either give you a title report or a property profile. By this lender foreclosing on the property any junior liens are wiped out unless the junior lien take over the foreclosure from the senior lien holder\n\nI hope this has been of some use to you, good luck.\n\n"FIGHT ON"
481242
Yes, usually you have to wait until all the paperwork is done on it. My husband and I invest into homes that sell cheat and do our work ourselves and make the profit. These homes that they are forclosing on sometimes are a bit higher than others because they want to recoup some of the loss on it...N
552495
Well, I'm a loss mitigator and they say it costs the lender about 40,000 on average to take a home and resell it over time.\n\nThe costs vary but if I had to put a number on it... at default time about $800-$1,200 then if the foreclosure is filed another let's say about the same.  Then if they acquire the home.  The realtor fees, maintenance fees, loss of income from the loan -that's where the bulk of the $40,000 obviously comes in.  Don't forget there are unseen costs like the personnel used to listen to you tell them why you can't make the payments. \n\nYou've only got a couple options and moving is the best idea early on when you realize something has changed and it's not going to get better.  By the way, don't answer every call but do keep in touch- they won't move to foreclose as fast if you stay in touch!  even if you've got a motgage that's over the value of the property now- don't worry- just put it on the market and let the lender do an assisted short sale with the new buyer... it will be much better- see my web site if you want more specifics on why you should make a decision quickly, etc. Obviously, if you live in the Chicagoland area of Illinois you can call me -I might be able to help you get this done or at least help you since I'm a Real Estate Broker and a Loan Officer that does this as a community service to help people in these situations on a regular basis.
404565
You should have something in writing that offered you to cure the foreclosure with a lump sum payment.  Did you get a receipt for the funds you paid?  OR Do you have the cancelled check you provided to cure the default?  \n\nContact your lender to determine the current status of the property and your ownership rights.  Typically the lender will only accept the funds required to cure the default and any other lesser amount if often unaccepted.  I hope you have had your payment accepted and thus have be successful in maintaining your ownership rights.\nGood Luck
258272
It sounds like you are behind but not at the foreclosure stage(over 90 days past due)\n\nFirst off, your mortgage company does not want to go to foreclosure. See if you can negotiate something, i.e. interest only, debt extension or restructure.\n\nDepending on the rest of your credit, your income and the equity in your home you might be able to find a lender or investor who would be willing to help you save your home or buy it immediately and walk away with some cash.\n\nNot ideal but when you get behind on a mortgage it is tough.
1032606
if you can find a lender\nthe problem is you already have a lien on your property from first mortgage \nand in case of foreclosure the first mortgage holder  could sell for what is owing and the other company would get nothing as they are the second lien holder
880185
You need to ask the objector if they realize what is at stake in the event of a total loss.\n\nIn other words, are they prepared to pay their own money (and lots of it) to replace their dwelling and all the stuff inside of it in the case of a fire, hurricane, tornado, earthquake or some other calamity that results in them losing everything they own?\n\nI like to tell people.....take a good hard look at what you are wearing right now....then I take a very long pause...and remind them to get a good look at it.....then I say....now imagine that what you are wearing right now is all that have left of what you own.  Your house and everything in it, except the clothes you are now wearing, is all you have left.\n\nHow much would you pay to protect that?
669929
Are you looking to buy or are you the owner of the foreclosed property? If you are the owner, it may be too late since the sale has been scheduled unless youi can get your bank to cancel the sale by coming to some financial arrangement with them. The alternative maybe you try and get a family member/friend to buy the property at the Sherrif sale and allow you to rent it back from them.
1024625
You may, but you will have to rent the house back to live in it.\n\nWhat you essentially need is to remorgage your house. Perhaps to free up your cash.
480113
In the event of a loss, they will pay for you tol live comfortably at a substitute location While your home is made right again.  If power, gas, and water was not something you were paying at your old location but you are required to pay for at the temporary location, they will pay for that.  If it was something you would have paid anyway, then no.
224640
In most states if you fall behind 90 days your lender will begin the foreclosure process. You will receive a notice posted on your house(and sometimes in the paper)of the "Trustees Sale" (depending on which state) This will recorded in the county where the property resides. It will list the scheduled date of the Trustees Sale, the last date you can redeem and for how much. If you are in this situation and you have any equity in the property you should do anything you can to save your home and your credit. There are investors/buyers all over advertising that they pay cash for homes. Interview them and find the best deal for your situation. You may be able to sell your house, pay off the mortgage and walk away with some cash.\n\nGood Luck
1143296
You don't say what State you are in or looking to buy in.\n\nI'm guessing you are talking about bidding on the house at the foreclosure sale.\n\n Foreclosure sales are published in the legal notice of Newspaper\n\n1. Bidding- There are 3 types of bids\n    Total Debt- This the total amount due on the house including fees/cost etc.\n     Specified Bid- A percentage of the Total Debt Bid\n     Range Bid (if applicable in that state)- Lender has the chance to place mulitple bids \n\n2. Contact the attorney who is handling the foreclosure sale- don't go thru the Sheriff-  Ask what if there is an opening bid available yet- sometimes they don't get them from the lender until the day of the sale.  Ask their sale requirments- if cashier's check is due that day or if they have " X" amount of days.\nRemember they are very limited on what they can release to you.  Be nice- they are not always obligated to release even the bid to you.\n\n3. If it's money is due at the time of the sale go get a cashier's check for the highest amount you want to pay. \n   Or atleast be have a letter of credit from our back\n\n4. Bidding is pretty fast \n\n5. Not all states have redemption rights. If not you are the owner when the Deed is recorded. \n\n6.  You will be responsible for eviction \n\nAgain the title issues  vary state by state. \n2nd mortgages and other liens may be wiped out at the time of sale \n\nYou may be responsible for back taxes, some lenders will pay them and include them in their bid\n\nJust remember you are buying as is.
773401
Yes there are.\n\nThere are mortgage product available for owner who just received a "notice of Default".\n\nIf however the bank or lender repossesed the property or it was sold in an auction you would have to come up with private funds to redeem your property back.\n\nIf you are in California and need assistance in foreclosure bailout loans we can help\n\nRommel Mijares\nMortgage Specialist
379774
I bought a foreclosed home last year.  We found it in the MLS, just like the other homes.  Our Realtor showed it to us.  There was a bunch of extra paperwork.  The home had been vacant for 2 years, and was not well maintained prior to that.  It took 6 weeks from the bank accepting our offer to get a closing on a cash deal.  When we got the power turned on the fridge, furnace, and hot water heater did not work.  We are still renovating, but it will be nice one day.  My best advice to you is to locate a Realtor.  Happy house hunting!