Home Buying in 32811>Question Details

Mwen23, Home Buyer in Orlando, FL

If I m on foreclosure can I buy a new house cash price. How is that going to affected me?

Asked by Mwen23, Orlando, FL Sat Jul 3, 2010

If I m on foreclosure can I buy a new house cash price.
Can mortgagee put lien or take property away my new house?
Can I let the bank take my old house or do short sale?
How is that going to affected me?
When should I be able to finance another house after how many years?

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Answers

11
If my home was going in foreclosure because of hardship and my mortgage payments felt several months behind and they are demanding a full amount of the sums owed along with reinstallment and what ever legal fees they applied: I also have applied for an modification several times and always denied. Now I'm curious of what can I do I would really like to keep my home I have had it for over 16 years but not able to keep up with these mortgage payment anymore even though I have been able to come up with the money they are asking for I would like to know am I able to buy another house with cash money that I am able to afford. I would like to know if I'm able to do so or what could happen
0 votes Thank Flag Link Mon Mar 14, 2016
I fell in hardship. I haven't made mortgage payment in a while. I owed 250,000 but with interest and penalties I owe now 280,000 but the market value is 180,000. I tried a modification to no avail. My home is not in foreclosure procedures yet. I will be retiring withing the next month and then my retirement funds will be available. What would be the future problems if I buy a cheaper home cash and make it my primary resident.
0 votes Thank Flag Link Tue Jun 26, 2012
How dare you can do this? You have cash to buy another house after forclosure but you don't want to pay your old home mortgage loan now. That is fraud to do short sale. You and your agent will be caught after foreclose and will be charged for prison.
0 votes Thank Flag Link Tue Mar 29, 2011
In Florida, individual does not have a responsibility for a mortgage debt.
In other words, Florida mortgage loans on real estate are non-recourse debt (i.e., the lender cannot look to the property of the borrower for repayment). Check also Exculpatory Clause.
0 votes Thank Flag Link Tue Jul 6, 2010
Is it original purchase money and how many loans? That could be a factor in what avenues are realistic. If you have cash, why not just pay what you owe? They are cracking down on buy and ditch, it is fraud.
0 votes Thank Flag Link Mon Jul 5, 2010
Mwen23,

You need a real estate agent and a lawyer to assist you with that. My guess is its also not a FREE consultation.

Shorts sales need to prove hardship to get approved.

Gopod Luck

Kevin Cloutier
Realtor
0 votes Thank Flag Link Mon Jul 5, 2010
I agree with most recent answer. A short sale has to have proven hardship and if you have cash to buy a new home then you may not be able to prove hardship to the bank. You may be asking about future purchase. Perhaps if I understand, you are about to lose you home to foreclosure. You are asking how long before you can buy again. Perhaps as long as 7 years if the advice below is correct.

Can you at some future date buy a home for cash. Perhaps, but you may have that debt looming over you for many years to come. What if the bank decided to grab your asset to settle the debt. I suppose anything is possible in todays world but if what you say here in understanded correctly...you will lose your home and you will become a renter for several years to come.

Anyone can do or try anything. One would presume that you wish to be legal in your endeavors. Talk to your bank. Consider a deed in lieu. Ask for a release of your debt due to hardships and communicate and try and find an attorney you trust to advise you. If you need a rental I can forward you to an great leasing agent. Just contact me here.

Good Luck
Gay Middleton
Realtor
gaymiddleton@connect2-1agent.com
0 votes Thank Flag Link Mon Jul 5, 2010
Yes, Yes and No...

The bank could place a lien on your newly acquired, unencumbered property.

The best option is to sell short and have no acknowledgement of debt (note) at closing.
0 votes Thank Flag Link Sat Jul 3, 2010
First thing is if you have cash, why are you letting your house go into foreclosure? The banks can and will go after you if they find you have the ability to pay back teh difference from what you owe and what teh house sells for.

If you have to or need to sell your house, ask the bank if you can cpomplete a short sale, it is better than a foreclosure. If you are going to purchase cash, then make sure it is in a trust or lllc otherwise the bank can attach it for any shortfall in a short sale or foreclosure.

If you are going to sell it through a short sale, make sure you get a listing agent who is well experienced in short sales and can negotiate on your behalf.

good luck with working things out

Please take a look at my blog


http://www.trulia.com/blog/scott_godzyk/2010/06/how_to_get_a…


TIPS ON GETTING YOUR SHORT SALE APPROVED
Web Reference: http://www.ScottsellsNH.com
0 votes Thank Flag Link Sat Jul 3, 2010
Let me understand. Your current home is being foreclosed, but you have enough cash to buy another property. If my understanding is correct, then yes they could take your new house but it would never get to that because the lien on your first property would be discovered long before you closed.
0 votes Thank Flag Link Sat Jul 3, 2010
Let me start with your last questions first. My understanding is if you do a short sale you won't be able to purchase for 5 years. A foreclosure 7 years. You can do a short sale,but, there are no guarentees. You can purchase with cash, no financing involved.

Where it becomes trickey is your question about the lien on the new property. That I would seek legal advice on.

If you are interested in selling your home I would be happy to discuss options with you further.

Russell Henn
Weichert Realtors
Hallmark Properties
Saint Cloud
rhenn@weichert.com
407-572-1219
0 votes Thank Flag Link Sat Jul 3, 2010
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