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It is possible, but hard. You need to immediately file a reversal of foreclosure sale with the mortgage company. If this doesn't work and the property becomes an REO (real estate Owned- goes back to investor), then you have other options. If it's a Fannie Mae home, you have options. Options may include having the loan reinstated, you can negotiate a new loan, you can rent from the investor for a period of time and then re-buy the home within a period of time. This is not easy and you should always consult an attorney for legal advice. Foreclosure is not always the end as many people think, it's just sometimes the beginning of a new process.
Visit my website at www.barnett-homes.com for information on homes & rentals in Virgina or email me at bethbarnett@mris.com
What else can I help you with?
What is the difference between a foreclosure and short sale?
A foreclosure is the surrender of the property to the lien holder for nonpayment of the debt. A short sale is the sale of the property before the completion of the foreclosure in an attempt by the home buyer and the lender to avoid foreclosure proceedings.
Is a short sale better than foreclosure?
In most cases it is preferable to foreclosure. I disagree. A short Sale has less impact on your credit score than a foreclosure.
Who conducts the foreclosure sale?
State laws vary but the foreclosure sale is usually conducted by a licensed auctioneer chosen by the lender.
Are you still liable for mortgage after foreclosure?
Only if the foreclosure is a court-ordered foreclosure.AnswerThe mortgage is extinguished by a foreclosure proceeding and sale but you may be liable for any deficiency and costs relating to the sale.
Can you put a house for sale in foreclosure?
You can put a house up for sale in foreclosure, but the foreclosure process could happen before the house sells. It doesn't make any sense, if you would like to sell the house, do so before foreclosure.
What is the time frame between foreclosure and sheriff sale?
The foreclosure process culminates with the foreclosure sale. In some jurisdictions the sale is conducted by a sheriff. One can say the foreclosure has been done when the sheriff's sale has been conducted. There is no time frame between the foreclosure and the sheriff's sale.If you want to know the time frame between the initial notice to foreclose and the foreclosure sale, you need to check in your particular jurisdiction. Times vary.The foreclosure process culminates with the foreclosure sale. In some jurisdictions the sale is conducted by a sheriff. One can say the foreclosure has been done when the sheriff's sale has been conducted. There is no time frame between the foreclosure and the sheriff's sale.If you want to know the time frame between the initial notice to foreclose and the foreclosure sale, you need to check in your particular jurisdiction. Times vary.The foreclosure process culminates with the foreclosure sale. In some jurisdictions the sale is conducted by a sheriff. One can say the foreclosure has been done when the sheriff's sale has been conducted. There is no time frame between the foreclosure and the sheriff's sale.If you want to know the time frame between the initial notice to foreclose and the foreclosure sale, you need to check in your particular jurisdiction. Times vary.The foreclosure process culminates with the foreclosure sale. In some jurisdictions the sale is conducted by a sheriff. One can say the foreclosure has been done when the sheriff's sale has been conducted. There is no time frame between the foreclosure and the sheriff's sale.If you want to know the time frame between the initial notice to foreclose and the foreclosure sale, you need to check in your particular jurisdiction. Times vary.
What is the difference between a foreclosure and short sale?
A foreclosure is the surrender of the property to the lien holder for nonpayment of the debt. A short sale is the sale of the property before the completion of the foreclosure in an attempt by the home buyer and the lender to avoid foreclosure proceedings.
Is a short sale better than foreclosure?
In most cases it is preferable to foreclosure. I disagree. A short Sale has less impact on your credit score than a foreclosure.
What is a foreclosure under contract?
That means a lender has executed a purchase and sale contract on a property it owns by foreclosure and a sale is pending.
If your renting a home in foreclosure when do you stop paying rent?
Not until there is a foreclosure sale.
Who conducts the foreclosure sale?
State laws vary but the foreclosure sale is usually conducted by a licensed auctioneer chosen by the lender.
Are you still liable for mortgage after foreclosure?
Only if the foreclosure is a court-ordered foreclosure.AnswerThe mortgage is extinguished by a foreclosure proceeding and sale but you may be liable for any deficiency and costs relating to the sale.
How do you make a sentence with the word foreclosure?
The purchaser at the foreclosure sale has only the rights of an assignee
Can you put a house for sale in foreclosure?
You can put a house up for sale in foreclosure, but the foreclosure process could happen before the house sells. It doesn't make any sense, if you would like to sell the house, do so before foreclosure.
Do you have to pay the balance in a home foreclosure sale?
no
When is a foreclosure complete?
Whenever the title to the property has been quieted in the name of the purchaser at the foreclosure sale.
If your house in foreclosure and is up for sale can it still be forclosed on by the lender?
Yes, the act of listing your home for sale will not stop or stall the foreclosure proceedings. Homes can be listed for sale for months and even years.
