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Is it possible to get a home back in your possession once it has been foreclosed on and sold when the mortgage company is the one that took back possession?In: Foreclosure |
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Answer
In California, the only way is to re-purchase the property. If it sold at the foreclousre auction, even back to the lender, it's final.
Adding: The proceeds of the foreclosure sale go to the one foreclosing. The title and ownership (making it possible for them to then get possession through eviction or such), go to the successful bidder. (This can be the same party, as in the bank). Only by buying the property back from that party, if they even are interested in selling, for whatever terms they demand (cash/terms/etc.), can one once again own it.
Possession, which is the termmyour using but does not equal ownership, is possible if that new owner is interested in renting to you. (Of course, if it is the same lender that foreclosed, considering their last experience in receiving timely payments, they may not want to rent to the one they foreclosed on, if they are interested in renting at all!)
First answer by Rick. Last edit by IamLostRU. Contributor trust: 836 [recommend contributor]. Question popularity: 133 [recommend question]
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