Rose, Both Buyer and Seller in Ohio

My home is listed on Sheriff Sale. 135,000 is appraisal, $45,000 is deposit. Can I still save my home?

Asked by Rose, Ohio Tue Sep 16, 2008

What do I do? I'm currently have roof replaced and damage restored from storm. I want to keep my home. Been trying to negotiate for months with no results. I even hired a lawyer but he says bank is unwilling to negotiate unless I can pay all back due upfront, he suggests Chap. 13. I don't want to file Chap. 13, I just want my home back at a reasonable interest rate. Can I buy my own home at auction? Do I risk someone else getting it over me, if I do that? The appraisal is 10,000 less then I owe, why? Why wouldn't they take my offer of paying back in full, just over time? I want to keep my home! I've been here for 12 years, my boys would be devastated.

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5
Ryan, , Utah
Wed Sep 17, 2008
If you can show that you have and adjustable rate mortgage that changed and it hurt you. You can do FHA Secure. They will buy you out of default. To your question can you buy your own home at sell? You can. But can you get the loan to do it? Unless you have cash its not an option. And yes somebody can outbid you.

I dont know your loan terms or what is going on. Per your appraisal I had 2 done yesterday they came back over 30K difference. I hope you save your home but FHA secure may or may not be the best way. Email me if you have any questions. But you have to act quickly.
Web Reference:  http://www.fhasecure.gov
0 votes
Mark Ryan-Ma…, Agent, Centerville, OH
Wed Sep 17, 2008
Brittany,

Did you read the question.... Rose has been trying for months to do a work out with the bank and they will not do a modification. As for the deed in lieu that does nothing to help her keep the home and is basically the same damage as an actual foreclosure... BK or short sale seem to be the best avenue give what we know from you question.

I know they are not good options, but pick the best of the bad choices and get out of an even worse situation...
0 votes
Mark Ryan-Ma…, Agent, Centerville, OH
Tue Sep 16, 2008
Rose,

The hard truth of the matter is that unless you have the cash to buy the home it does not matter what the price at auction is and what the bank might do. In the current lending market if you home is in foreclosure there is just simply no way you will be able to get a new loan... Sorry, but I believe in telling the hard truth so you know where you stand.

Consider the ch. 13 or look into a short sale but buying it back is just not an option w/o cash.
0 votes
Jeff and Gin…, Agent, Vero Beach, FL
Tue Sep 16, 2008
Also I just thought you may want to contact any local or state government agencies that might be able to offer you some helpful advice. We wish you well.
0 votes
Jeff and Gin…, Agent, Vero Beach, FL
Tue Sep 16, 2008
Your attorney knows more about your situation and the bank's responses than we could possibly guess, so we suggest that you either follow your attorney's advice or seek another attorney for a second opinion. Sometimes there are very difficult choices that are not what we would wish, but nontheless, they may be the only options. We are sympathetic about your situation and puzzled about the bank's attitude also. Good luck to you. Remember that your boys will follow your lead about being together and being okay as long as you provide that confident attitude and support for them. A house does not make a home. Love does.
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