Rebuying your home in foreclosure

Asked by Kevin, Novi, MI Mon Sep 1, 2008

My redemption period is up at the end of this month and my home still has not sold. I have a first and a second on the home. Is it possible to have a lawyer renegotiate with both lenders to allow me to keep the house but at a new lower mortgage?

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7
Lisa Bender, , Howell, MI
Thu Sep 4, 2008
Kevin ... it's never too late. Keep talking to the bank until the very end. Yes, it's a LONG process and in the end the odds are against. Have a plan, show them what you need to make it work and prove to them if they allow it everyone will be better off. If speak with one person, ask to speak to a supervisor. Never give up on your home if you can afford to keep it with some modifications. But make sure you can keep your end of the deal. I have been successful about 3 times in getting originals owners their homes back. We had to be creative, but we did prevail in the end.

If you'd like some advice or pointers, give me a call. More than happy to help.
Web Reference:  http://www.ClickThisHome.com
0 votes
Derek Bauer, Agent, South Lyon, MI
Mon Sep 1, 2008
Kevin,

Probably too little, too late, I am afraid. That is a LONG process, especially when there are two lein holders.

I wish you the best and hope it works out for you.
Web Reference:  http://www.DoorToDreams.com
0 votes
Bob McClure, Other Pro, Walled Lake, MI
Mon Sep 1, 2008
kevin....why would you want to bail out the home before the end of redemption?..........all jr. liens drop and they (the first mtg lender) does not have to deal w/ you, but they now have you as a captive audience...why wouldn't they? negotiate w/ the first mtg lender at that point for the best deals..rebuttles?.bob mcclure- (248) 974-4444..mortgage now- farmington, michigan
you will owe a lot les......if not...then there is nothing left to save...
0 votes
Scott Godzyk, Agent, Manchester, NH
Mon Sep 1, 2008
It is always possible however you may not have the time to do anything. The bank will not usually extend the redemption period, they will be anxious to foreclose. Your best bet before spending good money after bad, is calling the home retention department at your bank and asking what they can do. Where you have 2 mortgages it is double the work and double the headaches. Dont hesitate to ask for a manager if you are not getting anywhere with an operator. Good luck Kevin, get on the phone asap with your bank and avoid paying anyone for promises they cant keep..
Web Reference:  http://www.ScottSellsNH.com
0 votes
The Hagley G…, Agent, Pleasanton, CA
Mon Sep 1, 2008
Have your Realtor call me and I will give them tips on getting this sold. I do a lot of short sales and I am happy to help! I can be reached thru the site below....or thru my profile....
0 votes
Bob McClure, Other Pro, Walled Lake, MI
Mon Sep 1, 2008
good evening kevin...call me tomorrow ...tuesday and i'll discuss your situation with you....bob mcclure- mortgage now- farmington, michigan (2480 974-4444...direct cell....almost 14 yrs. experience...
0 votes
Lisa Bender, , Howell, MI
Mon Sep 1, 2008
It never hurts to ask. I'm not sure you'll get much of a break on what you owe and many times they want a significant amount of money down to even consider it. So, depending on what kind of situation you're in right now it may or may not be a possibility. I have had some success (twice) getting origianl home owner their homes back after redemption. Kind of rare ... but it worked. I've known a few people who get investors to buy the home and they lease it back with an option to buy. If you'd like some help, send me an email or give me a call.

Best of luck,
Lisa Bender
Keller Williams Realty
Lisabender@kw.com
Web Reference:  http://www.ClickThisHome.com
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