2007-06-13 08:42:21 · 10 answers · asked by dyer4dolphins 1 in Business & Finance ➔ Renting & Real Estate
It just sold yesterday, and I have the money that was owed to the bank, but it didn't come to me until the day after the sale and the bank wouldn't extend even for one day. So is there anything that I can do...
2007-06-13 08:45:25 · update #1
NOPE
2007-06-13 08:45:01 · answer #1 · answered by Mike Frisbee 6 · 1⤊ 0⤋
Many states have a reinstatement clause that gives the home owner 15-30 days to pay up all fees, liens and back mortgage monies even after the home is sold at auction. I'd suggest contacting a real estate attorney who's familiar with the rules in your state. Most will answer this question without a fee. If option does exist in your state, the attorney can help you with the reinstatement for a fee.
2007-06-13 08:51:20 · answer #2 · answered by Glenn C 1 · 0⤊ 0⤋
Yes. Check out your state law regarding foreclosures. Typically you have a redemption period following the sale where you need to pay back the original loan and all fees from the foreclosure in full. You then get your home back and the auction winner gets their money back with interest.
2007-06-13 09:02:42 · answer #3 · answered by thinking-guru 4 · 0⤊ 0⤋
In some states, the owner before a foreclosure has up to one year (after the floreclosure) to make good on all back money owed, interest and fees. If all the money is paid, the current owner has to vacate and will only receive their purchase monies back.
2007-06-13 08:48:30 · answer #4 · answered by Gaius Caligula 3 · 1⤊ 0⤋
If the house doesn't sell at action then Freddie Mac or Fannie May will take over the asset. Then it will be put on the market through a Realtor and sold like a regular sale. The bank or the buyer if it sells at action will evict you. You will be forced to leave before Freddie or Fannie takes over. The sheriff will come with a court order and make you leave. Sad!
2016-05-19 03:16:01 · answer #5 · answered by tasha 3 · 0⤊ 0⤋
Check your state laws for redemption rights and a redemption period after the sheriff sale. Some states have them and others do not. My particular state has about a two week redemption period, during which you can pay the full amount due and the sale is negated.
2007-06-13 09:05:40 · answer #6 · answered by acermill 7 · 0⤊ 0⤋
In most states yes... but, you would have pay fees, etc to get it back and it might cost more than its worth. In my state you would have to pay 20% above what the buyer paid for it as well as other fees and you only have so many days. I suggest calling a real estate attorney in your state asap to find out exactly what the law is in your state.
2007-06-13 08:59:06 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Yes...you may purchase it from the auction winner. A little late in the game to be thinking that though.
2007-06-13 08:45:47 · answer #8 · answered by chris m 5 · 1⤊ 0⤋
Not unless you are the one who bought it at the auction.
2007-06-13 08:45:53 · answer #9 · answered by Papou 3 · 0⤊ 0⤋
Other then buying it from the buyer...No.
2007-06-13 08:45:37 · answer #10 · answered by The Oracle 4 · 1⤊ 0⤋