Post-Foreclosure Options

If a foreclosure has already occurred on your property, all may not be lost if your goal is still to try and save your home. You are at a disadvantage at this point in the game and your foreclosure alternatives may be severely limited, but depending on your circumstances options may exist to either set aside the foreclosure or to repurchase the property from the lender.

FHA Loss Mitigation Requirement

If your loan is an FHA loan which is backed by HUD (the United States Department of Housing and Urban Development), then your lender is subject to many more restrictions than they would be under a conventional loan.  This type of loan contains mortgage insurance that is backed by the Federal Housing Administration.  In particular, […]

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Redemption

The right of redemption allows a person to reclaim or “redeem” their property after a foreclosure by allowing the person to pay the outstanding mortgage balance (or sometimes the amount of the purchase price at the foreclosure) on the loan and most likely the costs incurred during the foreclosure process.  This would essentially be the […]

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Lawsuit to Set Aside Foreclosure Sale

This option is somewhat similar in substance to the “Legal Grounds to Prevent a Foreclosure” page.  The causes of action could be the same, but the difference is obviously that you are filing suit post-foreclosure to unwind the foreclosure sale rather than pre-foreclosure to stop the foreclosure sale. If your lender violated your state’s property […]

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Repurchasing the Property

If your state does not allow for redemption of the property, repurchasing the property may be a foreclosure option that your lender would consider.  Unlike rescission of the foreclosure sale (unwinding of the foreclosure sale), a repurchase of the property will not erase the foreclosure.  It will still be filed in the property records and […]

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