How can I get my house back from a foreclosure sale?
Question:
My boyfriend got a call telling him his 2.5 million dollar house was sold in a foreclosure sale. Then we got a letter on the door telling us we have 30 days to get all our stuff out (28 days ago). He is in denial with the whole situation as am I. We are in need of a way out of this mess and a way to save our house and belongings.
Answer:
You may have time to contact a Realtor and list the house for sale, then have the agent get approval to do a short sale, in hopes of getting a contract. But in all honesty, it sounds like you may be too late. There is always bankruptcy, but I am not sure what the bankruptcy laws are now, since they changed not too long ago.
It just depends on where you live. I am a real estate agent in Illinois and I know that the easiest way is to pay off the lendor.Fannie Mae, Freddie Mac, HUD and the VA all endorse programs designed to keep homeowners in their home if it is at all possible, or to minimize the credit and financial damage if it is not possible to stop foreclosure.
These are a couple of the things that you can do. Keep in mind the easiest way is to pay it off. Most of the other things just string it out. Ultimately, the only thing that will stop foreclosure proceedings is repayment of the debt, everything else is delay of the proceedings.
I suggest you contact an attorney asap.
OK, the first thing you've got to do is get back in touch with reality.
Your boyfriend didn't get a call out of the blue. First of all, he should have known he wasn't paying his mortgage. And prior to the foreclosure, he got numerous letters and phone calls. He should have dealt with the situation then. His non-payment and lack of action brought this situation on. As long as you and he are thinking that you are victims who need to be saved, you won't get anywhere.
And your belongings are not at risk. You have four weeks to arrange to get them out of the house.
You may eventually need to contact a lawyer. But first, you should contact consumer credit counseling in your area. Financially prudent people living in $2.5m homes should not have significant mortgages. They will help you realize how to handle finances responsibly. Work with them. They may tell you that the best thing to do is walk away from this home. Clearly he either cannot afford the home or does not have the discipline needed to own this home.
As long as you are treating this as something that happened to you, rather than something you caused, there really is no hope of you getting a good long-term solution. But if you treat this as a wake-up call to get your finances in order, this can actually be a blessing in disguise.
Blunt truth could not have put it any better. There is no way he had no idea this was coming. The bank will literally call you 10 times a day if your behind on your mortgage. He needs to man up to his responsibilities, and start paying bills like a responsible adult.
Give Frank a call at 866-728-8587 and he will explain what to do. He has 30 years experience. Check out the website: http://www.realestatefundingnetwork.com... for details and get a free report as well. Good luck
Why don't you try "Foreclosure Service Company"? I heard from my friend that is free for Home Owners and very useful. Nothing to lose, I think.
Well, the first step is to realize that the house is foreclosed on. Someone else, most likely the original lender, owns the house now. So they will proceed with the eviction process as soon as they can, so that they can remove you from the property and resell the house. This is absolutely guaranteed by state law, so wake up and get out of your self-professed denial.
Now, in terms of solving the problem.
You might have to find an investor who can purchase the property and sell it back to your and your boyfriend, or let you lease the property until you qualify to repurchase it. The investor can be a friend or family member or a private real estate investor. But someone will have to purchase the house back, and your boyfriend probably doesn't qualify for a loan right now.
Most of the time, you can qualify for a loan right after foreclosure, but you need a 35% down payment, which would be $875,000 on a $2.5 million property.
If you seriously don't have any options, then find a place to rent for at least the short term. You can always work on credit repair, putting together an emergency fund, and establishing a longer-term financial plan. Then you and your boyfriend can purchase the old house back, find a new house, or find another solution. But if you stay in a house that you'll soon be evicted from, then you shouldn't be surprised when you're evicted.
The bank can't take your personal belongings, but if the sheriff has to remove them from the property and put them under a tarp in the front lawn, anyone can walk by and take what they want. It's not pleasant, but you have to plan for the worst while you're trying to get the house back.
Good luck, hopefully you can get the home back after the foreclosure.
ForeclosureFish
http://www.foreclosurefish.com/...
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