I lost a home on an FHA loan due to foreclosure.

Gpleyjr
Home Buyer
Grand Prairie, TX

Now Im hearing that there is a certain grace period where I can pay back what was owed and possibly re-acquire my home. Can anybody tell me about this grace period and how long it lasts? The house forclosed in May 2009

Answers (4)
Lynn911.com Dal...
Agent
Dallas, TX

Contact that lender unless all documents are reviewed no one can render an opinion on your behalf.

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Sat Oct 3 2009, 17:07
T.E. Sumner
Agent
Rockwall, TX

Sheriff's sales have a redemption period. Is that what you're thinking of?

The sheriff's deed cannot be insured because until the redemption period is over, the old owner can show up, pay the exorbitant fees and interest on top of the tax owed, and reclaim his home.

Mon Sep 28 2009, 22:11
Naima Sumner
Agent
Dallas, TX

What you are asking about is called a redemption period. In Texas, if the house was your homestead,m there is a redemption period of 180 days (6 months) if an HOA forecloses and you would be responsible for all back payments, penalties and late fees.

Your house should have already been sold by HUD. Have you checked on it?

Naima
214-289-8555
Naima@Sumner-Realty.com

Mon Sep 28 2009, 14:08
Diane Flynn ABR...
Agent
Arlington, TX
FIRST ANSWER

You will need to ask a mortgage person that question. Preferrably at the company you had your mortgage with. If the foreclosure was finalized, I don't know ho that woudld work out. Do contact your mortgage persson for the best change of getting a correct answer.

Good luck.

Diane Flynn
Realtor

Mon Sep 28 2009, 10:18

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