Can You Buy Back Your Foreclosed Home?
Foreclosed homes are among the top sellers in the real estate industry. Many times, foreclosures occur due to unavoidable financial circumstances. Financial distress causes a homeowner to become unable to pay the mortgage. What if this situation happens to you? What if you really want the house? Can you get it back?
In most states, homeowners can buy back their foreclosed homes. Putting it in the correct terminology, it is called a right of redemption. However, the repurchase of foreclosed homes is only allowed within a certain period.
The right to redeem a repossessed house usually involves high costs as well. The full price of the foreclosure plus other costs must be reimbursed to the person who purchased the property when it was foreclosed.
In Florida, foreclosures are judicial. This means that lenders file lawsuits in court to have your home foreclosed on. The court clerk files a certificate of sale after foreclosure.
If you want to redeem your home, you can make your repurchase action any time before the certificate is filed by the clerk of court. You also have the opportunity to redeem the house within the stipulated time as stated in the foreclosure decree.
You must remember that the foreclosure judgment issued by the court will be sent by certified mail. But also keep in mind that the last day to redeem usually ends the day the court clerk files the certificate of sale.
After this period, you will not be able to hold any right to repurchase your awarded property. In the state of Florida, the foreclosure process generally takes place within a year to complete. Thus, if you are from this state, you can think of a good action plan since you have more time to think.
alternative options
In addition to the right of redemption, you also have alternative options for maintaining ownership of your home. You can go through mortgage modifications or forbearance agreement.
winning by redemption costs
Your home may have been foreclosed on due to financial hardship. But this shouldn’t totally stress him out and leave him unable to earn the redemption price on his house.
If you still have your job, try to complete each cut to receive the full amount for the period. You can use this amount to pay other credits and little by little accommodate your financial capacity.
You should also try to have other sources of income. If you’re good at something, why not make it secondary? You can have weekend tutoring or part-time jobs. You can also try online job platforms.
If you have a passion for cooking, try selling what you cook. You can also hold a garage sale of your used clothes, stuff, and other things that are still in good condition.
Going through foreclosure is a difficult situation for a homeowner. It is hard-earned money that is used to maintain ownership of it. But being in this situation shouldn’t stop her from clinging to his dream house. If you really want to keep your property, work for it.
You can always ask your real estate agent about foreclosure situations.