Sorry you are going through this; you are not alone. I agree with the agents that responded about talking to a lawyer might be good - if you can get a free consultation. Unless you are able to redeem your home (mortgage balance plus fees) soon your only option may be to pursue a short sale and depending on the rest of your credit you may be able to get into another home soon. The least favorable action would be to do nothing and let it go to foreclosure. As a Certified Distressed Property Expert, I can answer questions about the process needed to sell your home and would refer you to a law firm that is trusted in these matters to negotiate with the bank. You can contact me with questions if you wish, I'd be happy to help.... more
One other quick thing. Depending on the bank, some will allow what is called a Short Redemption to take place. Its basically the same thing as a short sale, but during the redemption period.
Technically the owner of the home has the redemption period to attempt to 'redeem' the property by paying off the balance in full + legal/admin fees the bank has accumulated as a result of the foreclosure process. If you know who the owner of the home is and it is still in the redemption period, you can make an offer to the owner who would then turn that offer over to the bank for approval.
Let us know if you need any more info...Good Luck!... more
Most auction properties are really left best to professional investors. They often come with limited review of the property, no permitted contingencies for inspection, financing, etc, and can have many unknown defects. Oftentimes it is better to seek owner-occupied sellers or homes sold by banks after foreclosure as they permit contingencies and many times are actually better deals.
Keep in mind that homes are priced cheap for a reason. If they really were a "steal" there would be more demand for them.... more