Scroy24, Other/Just Looking in Tarrant County, TX

can i save my home after foreclosuer?

Asked by Scroy24, Tarrant County, TX Mon Sep 13, 2010

this company is telling me even after foreclosuer i might be able to save my house. Thay said they will file suit aginst the mortgage company and for me to send them the title & closing paperwork and they will find flaws and start a law suit and there is a chance i could stay in my house, i will have to pay then $1000 per month. Its called reverse foreclosure. Is this worth doing ir should i move on?

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This particular company sounds like a scam. Some states allow for a redemption period where after the home has been sold at sheriff sale the original owner can pay the total amount owed to the lender and redeem the property back from the person (or the lender) who acquired it at the sheriff sale. This payment must be made in cash. As I understand, Texas has no redemption period.

Another alternative is a Forensic Loan Audit to determine if any Federal Laws were violated in the application and granting of the Mortgage Loan. If your loan was a refinance or an original mortgage taken out during 2003-2008 (the mortgage feeding frenzy) there is a possibility there may have been violations. These violations can range from lack of proper disclosure to outright fraud. When there are violations there can be consequences for the lender. These can include in some cases not being able to foreclose on the home, returning all interest payments, potential for law suits, etc. When there are violations it can give the home owner leverage in negotiating a short sale or pursuing other options with the lender.
You can learn more about Forensic Audits here:

http://synd.trulia.com/blog/lyle_wolf/2010/08/forensic_mortg…
0 votes Thank Flag Link Sat Sep 18, 2010
In rare cases there are errors made by banks, but you have to remember that they have been foreclosing hundreds of thousands of properties all over the country. It is not likely that they have made an error, but it is possible.

If the foreclosure were by a Homeowner or Condo Association, or even by the Sheriff for non-payment, then the answer would be different, because you do get a redemption period by law, in which you can go back and pay off the amount owed plus fees and get the property back. A mortgage lender does not fall under these same rules. Once the bank forecloses, you're done. (Egregious errors are the only exception.)

The bad news is that the foreclosure will follow you for years and years on your credit report.

To understand how your credit is affected and what steps you can take to improve your credit score, please visit my website that gives you a free on-line credit repair course, too.
henleycreditlaw.com/re/sumnerrealty.html
Web Reference: http://www.SumnerRealty.com
0 votes Thank Flag Link Sat Sep 18, 2010
I agree that this is most likely a scam. I would bet that if you contact the bank that foreclosed, they would confirm it.
0 votes Thank Flag Link Mon Sep 13, 2010
Sounds like a scam, don't send any money, and you may want to check out/report the company to the better business bureau instead--you can save your home by paying the amount the lender is looking for--
0 votes Thank Flag Link Mon Sep 13, 2010
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