Can I buy my house back after it was foreclosed on?

Asked by Acrp2011, Norwood, MA Thu Dec 15, 2011

We had to stop paying on our home and then it went to foreclosure and now we are hoping to buy it back as we do not want to move out and it has been so long that my husband's work status has gotten better. Is this an option in the state of MA?

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16
Richard Shap…, , Framingham, MA
Fri Dec 16, 2011
Theoretically speaking yes. Practically speaking most likely not
1 vote
Scott Godzyk, Agent, Manchester, NH
Fri Jan 8, 2016
You may, but may also need cash. If teh bank takes it back and it does not sell at auction, then you may be able to get a mortgage, but most likely will not be able to buy it under the name of who just got foreclosed. There will also be the fact that a balance would be owed from the foreclosure to what it sells for at auction plus the cost of the foreclosure
0 votes
Johnsoncalvi…, Home Buyer, New York, NY
Thu Jan 7, 2016
hay can i buy backmy house after it went threw a fore close in florida
0 votes
Johnsoncalvi…, Home Buyer, New York, NY
Thu Jan 7, 2016
hay can i buy backmy house after it went threw a fore close in florida
0 votes
Johnsoncalvi…, Home Buyer, New York, NY
Thu Jan 7, 2016
hay can i buy backmy house after it went threw a fore close
0 votes
Matie, , Boston, NY
Mon Jun 11, 2012
Consalt with some agent or land lawyer. http://www.indexpost.com/agents/ - here is real estat agents search with contacts, devided by areas
0 votes
Homeliberty, Both Buyer And Seller, Walnut Creek, CA
Sat Jun 9, 2012
I can't speak with authority about MA, although there is an excellent program in Boston that does exactly that. Look for Boston Community Capital.

In California and Arizona, I can say that I have seen this many times.

There are a number of organizations that will help you repurchase after foreclosure/short-sale through a "rent-to-own" or "lease-to-own" program.

I know of at least one organization that allows homeowners to repurchase immediately after foreclosure with seller-side financing, and no need to go through the rent-to-own period.
0 votes
WHAT ARE THE NAMES OF THOSE ORGANIZATIONS?
Flag Thu Apr 16, 2015
Acrp2011, Home Owner, Norwood, MA
Tue Dec 20, 2011
Ok thanks so much for all the responses and thought I would let you know the update....so now the bank that we are dealing with is allowing us to submit an offer to buy our house back?....they need a written offer and also a pre-approval or showing of funds if cash....we really want to try this and keep our house, but obviously we have bad credit and will never get a pre-approval at this point....any ideas out there as to whether there are programs that will help us to do this?.....one of our relatives can possible help with down payment.....please help with any info you can at this point thanks!
0 votes
Eric Hanlon, Agent, Canton, MA
Sun Dec 18, 2011
Hi. I'm not sure where you are in the foreclosure process, but just contact a local real estate and/or a bankruptcy attorney, and get answers fast. Best of luck!
0 votes
Heath Coker, Agent, Falmouth, MA
Fri Dec 16, 2011
I think you might be asking if there is a redemption period in MA. Unfortunately, in MA there is not a redemption period.

So you might also use an attorney to see if the foreclosure was completed properly. Often in MA, a MERS loan is not completed properly, and a MERS loan can be almost impossible to prove who actually has the right to foreclose. You might contact Martha Coakley's office, because she is litigating with some major banks right now.

http://www.boston.com/Boston/businessupdates/2011/12/coakley…

Here are some other links with info:
http://www.foreclosurefish.net/foreclosureblog/2008/05/how-t…
http://resources.lawinfo.com/en/Legal-FAQs/Foreclosure/Massa…
0 votes
Christine Mo…, Agent, Wilbraham, MA
Fri Dec 16, 2011
Some banks won't let you. Hopefully you will be able to, however I doubt they will give you the convenience of living there the entire time.
0 votes
Heidi Zizza, Agent, Framingham, MA
Fri Dec 16, 2011
would you qualify for a mortgage to buy it back?
0 votes
Bob Movin-On, , Hartford, CT
Fri Dec 16, 2011
In most cases the bank will not let you or anyone related to you buy the house back. We have bought peoples homes back for them but the transaction needed to be at arms length, in fact one of your fellow statesmen and attorney didn't believe me and opened their mouths and the transaction was canceled in the eleventh hour.

I have yet to see a bank let someone stay in the house we have had to move people out during the transaction period than move them back in even in cases where we had the purchase agreement prior to the client moving out which in itself is also rare the bank wants to see what they can get in the market so usually they want it on the market before they agree to sell to us.

Good Luck
Bob Patrick
Buy a home after foreclosure, short sale, deed-in-lieu-of or bankruptcy exoert
Movin-On LLC
Helping families.people that have lost their homes get back into another in as little as 6 months
0 votes
Ron Thomas, Agent, Fresno, CA
Thu Dec 15, 2011
You would need to know Mass. rules on redemption.
You sure recovered quickly. The Bank may want to know how.

Good luck and may god bless
0 votes
Louis Wolfs…, Agent, Needham, MA
Thu Dec 15, 2011
Did they actually auction it off? If not up to the time of the auction you can bring it current or go bankrupt to stall the process. At the auction you can buy it back as well, but the bank can still go after you for deficiencies. Check with your attorney
0 votes
Scott A. Nel…, , 02155
Thu Dec 15, 2011
You'll have to get your own attorney to see if it's possible. They can best advise you as to the current status of your property and what any auction terms might be and if there are restrictions. Often times there are opportunites for the owner to reclaim the property but depending on your financial situation they might be limited. A housing/real estate attorney can best advise you. You can also go to the Massachusetts website http://www.Mass.gov through the attorney generals site and find out state authorized resources available to assist you.

Hope that helps,
0 votes
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