I lost my home, and now it is up for sale to low income, I have the cash to buy it back, can I.

Asked by Greenetone1, Willingboro, NJ Thu Feb 16, 2012

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Larry Sarlo’s answer
Larry Sarlo, Agent, North Wildwood, NJ
Thu Feb 16, 2012
yes you can! However keep in mind if the ownership is picked up they will pursue the deficiency. They have a right to deficiency anyway, which is the difference what you owed and what they sell it for... you owed $150000 plus gas water sewer unpaid taxes/ The other side of it, is all those liens you did not originally pay could be re attached to your property again.

But seeing your name on title or knowing you have family buying it back will cause red flags. They just paid taxes, water sewer bills and property preservation, not to mention thousands of required inspections and employee hours to process plus legal fees. Did you know the average cost for a bank to foreclose on any home is approx $60,000. Don't think they do this out of kindness. They will pursue your deficiency.. They may even pursue other legal actions if they fell or see something fishy going on.

There is lots of mortgage fraud happening and this could be construed as that. Banks are not taking this stuff lightly. It's called strategic default...
2 votes
, ,
Thu Feb 16, 2012
Nothing about a time line, how loan ago and how did you loose it. Did you have the cash you have now when you lost the home?
0 votes
Diane Glander, Agent, Spring Lake, NJ
Thu Feb 16, 2012
You lost it how? To short sale? The bank will not let you or any family member buy it.
Web Reference:  http://www.dianeglander.com
0 votes
Valerie Pres…, Agent, Medford, NJ
Thu Feb 16, 2012
Hi there,
You will still have to meet the income guidelines regardless of whether you are paying cash or getting a mortgage. The sellers will see that you are on title when they check the title, and they will. Best to find out up front before you invest a lot of time and effor. I live in Willingboro and can help you through the process if you'd like. If that doesn't work, I'm sure we can find you something else. Call me at (609) 284-3825.
0 votes
Andrea Solom…, Agent, Stone Mountain, GA
Thu Feb 16, 2012
Yes, you can certainly buy it back. The seller will be happy to sell for cash. It is fast and less expensive for them to sell. Good luck!
0 votes
Daniel Alvar…, Agent, Weehawken, NJ
Thu Feb 16, 2012
If you don't need a mortgage and can pay all cash than I'm almost certain that the answer to this is YES you can. The investor just wants to liquidate this asset and move on. I don't think you're going to encounter any resistance on their part.

An easy way around any complications would be to start an LLC (this takes about 20 minutes and about 62 bucks to start one in NJ) and just buy it though this conduit, then transfer title back to yourself after closing and disolve the LLC.

Piece of cake.

PS: Is this property only being marketed to qualified low income borrowers or is this property open to all?

Please contact me anytime. I'm pretty sure i could find a way to get it back in your hands.

Best Regards,
0 votes
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