Is it possible to get a home back in your possession once it has been foreclosed on and sold by the mortgage company?

About half of the states in the United States have laws that give a former homeowner a right of redemption after a foreclosure for a period ranging from 30 days to two years. You will need to pay the outstanding mortgage balance or the amount paid at the foreclosure sale, accrued interest, all the costs of the foreclosure, allowable fees and taxes. Generally, the first step is to contact the lender and request a statement of charges required to redeem. Then, you have a short period in which to accept and initiate the redemption. If you decline, your right of redemption is extinguished forever.

You need to consult with an attorney in your particular area who is familiar with the foreclosure laws in your jurisdiction.

From the desk of R If you have not voluntarily signed the property over to the lender that you were in default with there may be a way. Depending on what state you are in there is a time set called "right of redemption period" The best experts to speak with that can offer you all of the details in your state are attorneys that deal with foreclosure. However, even when that process is available, (and even where applicable it normally only applies to Tax certitifcate foreclosures, not mortgage or creditor ones) it absolutely requires you to pay for the property, and all late fees, accrued interest, costs incurred in the sale and resale, and a, (normally fairly high), interest rate for the period the new buyer has had it plus any costs and imporvements made during the redemption period, in one lump sum. Generally meaning, even if you think you could possibly get a new mortgage for the place (which with a foreclosure claose at hand is unlikely), the amount of that mortgage (or that you would pay for it), is higher than it's value. In California, the only way is to re-purchase the property. If it sold at the foreclousre auction, even back to the lender, it's final. Adding: The proceeds of the foreclosure sale go to the one foreclosing. The title and ownership (making it possible for them to then get possession through eviction or such), go to the successful bidder. (This can be the same party, as in the bank). Only by buying the property back from that party, if they even are interested in selling, for whatever terms they demand (cash/terms/etc.), can one once again own it. Possession, which is the termmyour using but does not equal ownership, is possible if that new owner is interested in renting to you. (Of course, if it is the same lender that foreclosed, considering their last experience in receiving timely payments, they may not want to rent to the one they foreclosed on, if they are interested in renting at all!)