Once the foreclosure process starts, you should know that you don’t have enough time to meet up with your mortgage payment before your lender increases the loan and refuses to accept even installment payments. Except you can pay your mortgage balance in full, you may not be able to buy back your home.
However, there are other ways to go around this; depending on the reasons for your foreclosure, you may retain the right to reclaim ownership of your home even after the foreclosure process.
Not all homes can be recovered or reclaimed after foreclosure. Before you can reclaim your home, your lender must have confiscated your property through a judicial foreclosure. In a judicial foreclosure, the lender files a lawsuit of foreclosure in court. The foreclosure process is a long one and may not be completed even within a year. Because of the complexities involved with judicial foreclosure, most lenders choose to go through non-judicial foreclosure. If your lender seized your home through the non-judicial process, then you do not have a chance at redeeming your house.
As much as you have the right to redeem your home after foreclosure, there’s a limit to how long your right can last. Usually, in a judicial foreclosure case, the homeowner has the grace of one year to redeem his home. If the winning bidder at the foreclosure auction completed the balance of the bank’s asking price for the property, then the right to reclaim your home reduces to a period of three months. If you’re unable to reclaim your house within the space of that three months, then you’ve lost the right to buy and redeem your house back.
The redemption price is not calculated based on the amount you owed the lender during the time of the foreclosure or how much you’re yet to balance on your former mortgage. The redemption price of your home is determined by how much your house was sold at auction including interest charges. You must reimburse the owner for any renovations or repairs on your property during the time it wasn’t yours, including property taxes and insurance. If there are any additional liens on your house, you must pay them off before you’re able to reclaim back your house.
Only a few homeowners can reclaim their houses back after foreclosure. This is because it’s hard to gather the funds to reclaim the house. After all, they lost the house due to lack of funds. Although a homeowner can acquire a loan to pay the redemption price yet, foreclosure can damage your credit score thereby making it difficult to get a new loan during the redemption period.
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