When one loses his home due to foreclosure, it is quite devastating and heartbreaking. However, this does not mean this is the end of his ownership of the houses if he can still play his cards right. There are different state laws which may vary, but there are some states that give an opportunity for one to buy his home back or even cure the loan after the home has been auctioned. Now the question is, can you get your home back after it has been foreclosed? The answer is, yes. But how can you get your home back? The answer to this question is given below:
Steps to getting your home back:
- Right to cure: in some states, you would be given time after the foreclosure of your home to either pay the money owed in full or to cure the loan. If you could secure another mortgage, you could have the original loan paid off and re-secure the ownership of the house. This could take just a few days after the auction had occurred. However, this depends on the law of the state you reside in.
- Right to redemption: there are some states that permit judicial foreclosure. Here, the court would get involved to attend to the foreclosure issue. You could have one year after the auction to purchase your house back. Judicial foreclosure aids the lender to acquire a deficiency judgment in his favor against you. This means you would still be indebted since you would owe the difference between the mortgage and the price of the auction.
- Hidden fees: when you are trying to purchase your home by making use of right to redemption, you would have to pay more money than that of the auction price. You would have to pay the foreclosure cost of the bank, the outstanding lien on the property (if there is any), and for upgrades or repairs that have been done to the home by the new owner who purchased the home at the auction.
Apart from these steps, you can also get your home by buying it at auction.
For any kind of information on loan modification service and loan modification restoration, you can contact www.loanmoddepot.com.