can a home be removed from foreclosure proceedings?

Question

Once a home has been moved to 'foreclosure', can it be removed if all parties agree?

As clarification, here's my situation:
My wife & I put a bid on a house "for sale", knowing that it was 'owned' by the bank. Actually, turned out that 2 banks had liens on it, as a result of the way the original owner financed the purchase.

anyway, everything was great (banks accepted the offer), but now it turns out that it already 'gone' to foreclosure! For their part, the banks seem anxious to sell it to us, but say they aren't sure they can get it out of foreclosure.

how does this situation affect your answer?

Answer 1

Yes, if you come up with some repayment plan with the lender and meet the requirements of the plan, then the loan will be out of foreclosure. You can also request that the court give you a hearing in order to work out a solution with the lender.

Foreclosure is just the legal process of attempting to sell the house to pay off a defaulted loan. If you and the lender work on some other, mutually agreed-upon process, then they will hold off on continuing the foreclosure.

Then, once the repayment plan (or other solution) is completed, the loan will not be in default for any money at all -- therefore, no legal grounding to pursue foreclosure.

Answer 2

There would be fees involved because of the legal proceedings involved with the foreclosure that you would be responsible for paying if the lender agreed.

Answer 3

Yes once the fee`s are paid and the bank approves it. I`m sure the bank will not to forclose on it. It is a lose lose for them.

Answer 4

yes if the parties agree . be sure to get a receipt though for money you give lender if it is paid in person in cash. banks are really dirty / sleazy from what i hear.