Can you get your home back after it is foreclosed?

After being served with foreclosure papers a person I know wants to find out how to avoid it. How to recover...come up with the cash or can he sell it to another, etc... Asked by Fahrenheit 54 months ago Similar questions: home back foreclosed Home.

It depends on the state, and on the terms in your deed, mortgage or lien. homebuying.about.com/cs/avoidforeclosure... #3: Never assume your situation is hopeless. Solutions for Temporary ProblemsReinstatementReinstatement might be possible when you are behind in your payments but can promise a lump sum to bring payments current by a specific date.

ForbearanceIn forbearance, you are allowed to delay payments for a short period, with the understanding that another option will be used afterwards to bring the account current. Lenders sometimes combine Forbearance with Reinstatement if you know you'll have the funds to bring your account current by a specific date. ezinearticles.com/?What-Steps-Can-I-Take... is the legal procedure a bank or lender can take if you fail to make your mortgage payments in a timely manner.

When this process concludes, you will no longer own your home. In the event your property is worth less than the actual mortgage loans you have obtained on it, you may have a deficiency judgment placed against you. This means you will still owe HUD additional funds.So, what should I do if I am facing financial distress?

I should definitely not ignore the situation. I should call my lender and explain the situation. You should provide them with current financial information.

Prepare a list of your Monthly Income and Expenses. Discuss the possible solutions to the problem with your lender. They have some flexibility and really do not want to foreclose on your home.

You can consider the following possibilities with their help and advice:1. Create a repayment plan based on the financial information you provide which will allow for a reduction or suspension of your payments. This could be to merely pay the interest payments for a set period of time.2.

Perhaps you will qualify for a refinancing arrangement. If your equity has increased substantially, the lender may consider refinancing your real estate for a longer period of time thereby reducing the month payments.3. Your lender can file a partial claim on the FHA insurance fund.

This will bring your mortgage current while creating a Promissory Note with a Lien on your real estate. Once you repay the Promissory Note, the lien will be removed.4. Put your house on the market.

This will avoid foreclosure. You might be able to obtain more for your house than you have in actual debt. Your lender will determine if you qualify for any of the possibilities.

You can also obtain information and help from an approved housing counseling agency. There are generally more programs provided by private organizations. Counseling agencies will provide you with this information also.

The most important thing for you to do is - DO SOMETHING. Don’t wait expecting the problem to disappear. Take action when you foresee a problem arising.

Talk to your lender and ask him where you can go for help. Lenders want you to remain in your home.As usual, I must state, do your due diligence to avoid the necessity of foreclosurehttp://www.bankrate.com/brm/news/mtg/20001019.aspCuring a foreclosure is a little like curing cancer -- the sooner you catch it, the better your chance of survival. Early on in the default process, consumers can still come back from the brink because they haven't missed more than one or two monthly payments and their lenders haven't spent too much trying to get them back in line.

But as the foreclosure process moves along, the size of the delinquent debt owed and the bank legal costs that customers are usually charged mount. Borrowers who try to ignore their financial problems -- and their lenders' phone calls -- will likely lose their homes. Borrowers who just need some extra time to sell their homes, on the other hand, should consider refinancing via a "hard money" loan.

While they have very high rates and fees, the loans, usually from private individuals, can give people the couple extra months they need to find buyers. Most banks will be more than happy to take cash no matter how close it is to the foreclosure sale too. If a relative steps in with $10,000 to bring the loan current, a borrower can usually just hand it to the lender and go back to business as usual.

"The banks are happy to do it," says Brenner, the attorney."Remember, they don't want your house. The bank just reinstates the loan back to the old terms, takes all the arrearage, all the legal fees, all the late fees and they pay it off and you get back on track. "While all this sounds simple, borrowers shouldn't be lulled into complacency.

Lenders want your money. Just because they're negotiating with you, it doesn't mean they won't turn around and foreclose if that's the way they lose the least money. "Around the 90th to 120th day is when the loan is reported to foreclosure and from that point on, two things are going on simultaneously.It's sort of a 'good cop, bad cop' " routine, says Phil Comeau, vice president for servicing and billing operations at Freddie Mac.

"The foreclosure department is moving as quickly as possible to get to the foreclosure sale and the loss mitigation department is working with the borrower to try to do a workout. If the workout can be done before the foreclosure sale takes place, then everybody wins and the workout is done. If that can't be done, the foreclosure sale is held.

"It's sort of a race to the finish line. "Following the same logic, customers should try to negotiate the best deal they can get without feeling guilty. Someone whose property has fallen in value below the mortgage amount because of a neighborhood decline, for example, should consider pushing for a short sale or short refinance rather than a repayment plan.

That way, the borrower doesn't pay more money than necessary. Nevertheless, the best way for consumers to get out of foreclosure without racking up extensive legal bills and ruining their credit histories is to start working on a solution before their problems get out of hand."In no case should people take the step that is most often taken in this situation," Brenner says. "That is to stick your head in the sand and ignore it.

" Sources: My answer .

Call the lender immediately. The vast majority of persons who find themselves in the unfortunate circumstances of foreclosure fail to even take the basic step of contacting their lender. It would have been far better to talk to the lender prior to the foreclosure papers arriving - however while it may not be easy - it is not necessarily impossible to negotiate with the lender at this point.(And certainly this will vary by situation - but your friend should at least make the attempt if they truly desire to save their home.)Foreclosure is not a desirable outcome for the lender either, so they may yet be able to make some accommodation to put your friend back on track.

At the very least your friend should seek credit counseling. A credit counselor should be able to help your friend understand their situation and their options going forward in addition to developing a plan for future financial health. The National Foundation for Credit Counseling website would be a good place to begin seeking additional information on this process.

See: nfcc.org/ Sources: Opinion .

Please look below getdshirts.com/the_story.phphttp://www.tba.org/LawBytes/foreclosure.pdfhttp://www.stophomeforeclosurehelp.com/myths/http://www.iamfacingforeclosure.com/http://wiki.answers.com/Q/Can_a_foreclosure_be_removed_from_your_credit_report_after_the_property_has_been_taken_back Sources: getdshirts.com/the_story.php .

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If a home has been foreclosed and is being put up for sale again, and you purchase the property. Can you get Homestead?

I'm looking for an old movie "Walking my baby back home".

I'm back! Don't you love coming home after being away? Well I do!

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