Can You Buy Your Foreclosed Home Back?

If you can not prevent the foreclosure and the house ends up being put up for sale, you can also attend the auction and bid for the property. It is very possible and legal to buy back your home at perhaps even a discounted price during the foreclosure auction.
Right Of Redemption
You can also reclaim a house already in the process of foreclosure. However only houses mortgaged through judicial foreclosure are eligible to be redeemed. Even still, it is recommended you act very fast as you may be allowed only a limited time to redeem your home. Judicial foreclosure usually takes quite some time to process and this can be an opportunity to catch up on loan payments before the mortgage is accelerated. A loan is accelerated when the lender refuses to accept less than the contracted amount. In some cases an homeowner is given up to a year to redeem their home but in some other instances if the winning bidder in the foreclosure auction offers to pay the full price of the property, only about 3 months may be allowed for the right of redemption.
However, financial and legal experts argue that the money being used for buying the house at the auction should have been used to prevent the foreclosure in the first place.
Loan Modification
Rather than panicking and making wrong decisions, you can seek loan modification with your lender, one of such firms that can help you with the loan modification process is Loan Modification Depot. Loan modification services are available for homeowners who are in the process of losing their homes. The lender can agree to modify certain terms in the contract if the mortgager is unable to keep up with the payments thereby preventing loss of the house.