How hard is it to rebuy back your house after you lost it in a foreclosure?
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Answer:
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.
You are going to pay a huge premium to get your house back. Pay your bills on time.
You're pretty much hosed. With a foreclosure on your credit history you're going to have a hard time getting a loan to buy any place, let alone the one you lost at foreclosure. Move on and start rebuilding your credit.
BOTTOM LINE--YOU GOT THE MONEY---NO PROBLEM!! OBVIOUSLY YOU DON'T SO YOU WILL HAVE TO SIGN ANOTHER LEASE AT YOUR APARTMENT
Actually, it is not that hard to buy your home back after foreclosure. There is a reasonable period after the home is sold pursuant to the foreclosure. This reasonable period is called the redemption period.
However, the only obstacle you may encounter is the costs. You may have to pay above and beyond the amount, as previously given to you, due to the sale per foreclosure and any costs associated with same.
Good luck!
Not all states have a redemption period. But if you live in a state where you do have redemption period you would need to get another loan to buy back the house. There are some mortgage companies that can get you approved but it also may be hard to go that route.
My suggestion is to take this time and get your self back on your feet. Rent an apartment that you can afford and get your credit/FICO score built up. This way you don't have to pay property tax, insurance and basic maintenance. Do this for five years and Save up money in an emergency fund. Then go out there and get another home. This time if you hit hard times you have that emergency fund to get you thru. I know losing your house is a scary thing and experience but you will get thru this.
Wishing you the best of luck
If you really want to live in your old house, contact the new owner and see if he/she is willing to lease the house back to you with an assignable option (make sure it is an assignable option and not just an option) to purchase the house in x number of years.
This will help you out in many ways:
1. The new owner wants to profit from his purchase, so he will most likely go for this deal because he immediately flips this deal to make it profitable.
2. During the time of the lease, you can re-build your credit and reposition yourself.
3. with an assignable option, you can assign your option to a sibling or other family member who might have emotional ties to the property. They would then purchase the property and possibly work out a deal with you.
Good luck
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