Two months ago my parents gave the house back to the bank. We didn't lose it just gave it up because they would have started paying $3,600 a month. The house is worth $375,000.
Is there a way for them to buy it back when the bank is trying to sell it. We lived there forever so it's sad to see the house go to waste. There are seven for sale houses in my street, so nobody will buy my house.
If we can buy the house back, will the payment still be $3600? In a scale from 1-10, what is the chance we can have our old house again?
2007-10-28 10:48:37 · 4 answers · asked by warriors4ever 3 in Business & Finance ➔ Renting & Real Estate
I forgot to say that we couldn't get another loan. There was no equity in our house. That was another reason why they gave it back.
2007-10-28 11:37:01 · update #1
Good question. I believe it would be just like returning a car to the bank, it would still be considered a repossession, which is a very bad credit mark. So if your parents were to try to take a loan to purchase it back it would be very difficult. If they were going to pay cash then I believe it could be done. (I don't think there is any law saying you can't) But, you would be buying it back from the bank that you owe the money from in the first place.... so I'd imagine you would have to repurchase it for the original amount owing. Or......get a family member to buy it when it goes up for auction and pay cash..... then no one knows any different..... :-D. Tough call, lol, and I am not a realtor, banker or attorney so not qualified to begin with! Good luck.
2007-10-28 11:04:27 · answer #1 · answered by Sniggle 6 · 0⤊ 0⤋
first of all if they really wanted the house why didn't they try to take a loan or refinance there are many different options with mortgages if you do buy it back from the bank they can but is their credit still good after giving it back to the bank if they buy it back they half to start there payments all over again but they might get a cheaper intrest rate than before or they can do a intrest only loan where you pay only the intrest for the first half of the loan the best option is to call a reputable mortgage company to see where you standthey can give you several answers by the way do you want it more than youre parents because it sounds that way maybe because its sentimental?
2007-10-28 11:20:41 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If your parents surrendered the home to the bank, it goes against them as a foreclosure. They won't likely be able to get another mortgage loan for several years, not at an affordable rate anyway.
The only way that they could get the home back now is to purchase it from the bank. Given that they have a foreclosure on their credit records, that's not likely to happen unless they can pay cash. And if they could pay cash, they never would have let it go to foreclosure in the first place.
2007-10-28 12:07:00 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
look if someone can afford a 375.000 house and don't pay for it they will lose it \. let it go. they don't need the problem's you are creating let it die
2007-10-28 14:32:47 · answer #4 · answered by APF 2 · 0⤊ 0⤋