Is there anything that can be done after foreclosure to keep your property?

by oliver on September 30, 2010

Question:

Is there anything that can be done after foreclosure to keep your property?

Answer:

The foreclosure process starts with your receipt of a foreclosure notice. The way you respond to that notice most likely determines whether you are able to keep your property. There are some lenders who are very willing to work out an agreement with you in order to catch up on your payments. However, there are also some lenders who are strict enough not to bend any rules. In most states, the foreclosure is stopped once you are able to pay all your outstanding debt, in addition to the interest and loan fees. You may even find a lender who can refinance your home if you have enough equity on it. Once the lender pays your old loan, the process of foreclosure will stop. You may also stop an impending auction by declaring a bankruptcy status in accordance to some chapters of the law.

If you were not successful in keeping your home prior to the auction, you may still have a chance. Some states have redemption rights wherein the previous home owner can reacquire his home by paying all of the original debt, plus any additional loan fees and interest. However, there are only a few states giving this right. The bottom line is, once you receive the foreclosure notice, contact a real estate attorney. This lawyer will be able to give you viable options and help you determine the best course of action in order for you to keep your home.

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