My home has been foreclosed on but there was no successful bidder and the property went back to the mortgage company. I want to keep the home and told the mortgage company that I would be able to pay off the loan balance in three weeks if they give me the banks info that I need to complete the transaction. I know the mortgage company is not obligated to sell back to me. But what are the chances? I don't want to move out.
2007-08-08 00:51:44 · 3 answers · asked by Suu S 2 in Business & Finance ➔ Renting & Real Estate
Banks don't want to own real estate. If you have the funds to bring everything current and pay all the fees incurred, I'm sure they will be willing to work with you.
2007-08-08 02:31:41 · answer #1 · answered by Mortgagemom 3 · 0⤊ 0⤋
If they don't have a bidder, I don't see why they would not work with you.
At this point, you don't work with the mortgage company. You need to find out who the Trustee is on the mortgage and that is who you negotiate with.
2007-08-08 01:02:25 · answer #2 · answered by Expert8675309 7 · 1⤊ 1⤋
You do have a right of redemption in GA. http://www.foreclosures.com/www/pages/state_laws2.asp?state=GA
Generally you will need to pay off the balance outstanding. Do consult with an attorney, however. Time frames are often severely constrained and if you're late, you'll lose any right of redemption that you may have.
2007-08-08 01:01:08 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 1⤋