Can i buy my home back that is in foreclosure with a reinstated short sale?I owe $250K and it is only worth $250.
I heard this is possible from my lender???
2007-03-19 12:04:00 · 3 answers · asked by Krissy S 1 in Business & Finance ➔ Renting & Real Estate
Sorry what i meant WAS my home is worth only $200K right now! My bank is willing to do a short sale in the amount of $200K. My Lender told me there is a way to buy back my property for a lesser amount than what i paid for it. She called it a Reinstated short Sale where I BUY my property back.
I have an ADJUSTABLE 1st at 8% and a 2nd at 12%!!!!!
Should i walk away or work try and ask my Trustee Attorney to lower what i owe on my mortgage alltogether?
2007-03-21 13:33:29 · update #1
If you heard this from your lender, that is who you should be talking to, not us. We cannot affect this mortgage in any mannor whatsoever. If he says he can do it and you are willing then the two of you should sit down together.
2007-03-19 13:38:24 · answer #1 · answered by ttpawpaw 7 · 0⤊ 0⤋
If the foreclosure is not final then contact the trustee who is handling it.
If you're past the redemption period then call the lender directly and ask them. They are in control and can do whatever they want. There's bound to be additional costs associated with the foreclosure process that they'll probably want you to pay.
2007-03-19 19:09:23 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You need to quickly work with your lender on this issue. Do you have an attorney to help you with this situation? What was the price of the short sale?
2007-03-19 19:27:24 · answer #3 · answered by communityinflorida 3 · 0⤊ 0⤋