Foreclosure in 54401>Question Details

Reena, Home Owner in 54401

Can my father buy my home back at the foreclosure sale in Wisconsin? Will I have to move out prior to that.?

Asked by Reena, 54401 Thu Feb 16, 2012

I will be a year behind on payments of my house. I know foreclosure is just around the corner. I tired for 2 modifications and got none of them. My father said he would buy the home on the foreclosure sale. He is not going to pay what I owe on the house cause the house is not worth it. I owe 112000 he said he would do about 70000 cause that is what is about worth. Will i have to move out of the house or is there a way to stay in it. I am through Bank of America. I don't know what else to do. I want to keep my home but the bank won't help. I am suppose to make 1000 payments but since i lost my full time job I only make about 800 a month now. Any help

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Heather Wright’s answer
Not sure how it works there, but where I do business in the contracts with the bank it makes you sign that your not related to the previous owner of the home. I hope that you get the answers that you need. Their are a lot of programs out there to help people in your very situation. Try and see if its not to late! I wish you the best of luck!

0 votes Thank Flag Link Thu Feb 23, 2012
It may be a good idea to have the father give you a loan for a years worth of back payments
0 votes Thank Flag Link Thu Feb 23, 2012
Hello , If your father is not willing to pay what you owe on home at court house steps, then you will have to wait till your home come back on the market for sale as a foreclosure.

Banks in this area bid home back for amount owe at court house step to protect there interest and then put home back on market after foreclosure is done.

You would be able to buy you home at much cheaper price once it's hit the market as a foreclosure.

I would be glad to talk to you .. There is lot's of good foreclosures out there at great prices if your dad is willing to help you out.

There also is a program know as short sale to keep you in your home to. It may be to late for this propram to work for you.
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0 votes Thank Flag Link Thu Feb 16, 2012
You might be surprised at how an auction works. Often the bank bids what they have out on the house as the opening bid, it is not run like Storage Hunters biding on storage lockers starting at $1. The bank bids what is owed on the house so they can get it back and into their name, as owners, so they can sell it later after they do appraisals and inspections and get the current owner out. Plus they require cash, if he has that much cash he should have made you a loan to make the payments.
0 votes Thank Flag Link Thu Feb 16, 2012
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