Foreclosed homes are among the bestsellers in the property industry. Many times, foreclosures happen because of unavoidable financial circumstances. The financial distraught puts a homeowner to become unable in mortgage repayments. What if this situation happens to you? What if you really want the house? Can you have it back?
In most states, homeowners are allowed to buy back their foreclosed homes. Putting it in the right terminology, it is referred to as the right to redemption. Yet, buying foreclosed homes back is only allowed within a certain period.
The right to redeem a foreclosed home typically involves heavy costs too. The full foreclosure price plus other costs are needed to be reimbursed to the person who bought the property when it was foreclosed.
In Florida, foreclosures are judicial. This means that lenders file lawsuits in court to have your house foreclosed. The court clerk files a certificate of sale after the foreclosure.
If you want to redeem your house, you can do your buy-back action any time before the court clerk files the certificate. You also have the opportunity to redeem the house within the stipulated time as stated in the foreclosure judgment.
You must remember that the foreclosure judgment issued by the court will be sent through registered mail. But bear in mind too that the last day to redeem usually ends on the day that the court clerk files the certificate of sale.
After this period, you can’t have hold of any right to buy back your foreclosed property. In the state of Florida, foreclosure process usually takes place within a year to complete. Thus, if you’re from this state, you can think of a good plan of action since you have longer time to think.
Alternative Options
Aside from the right to redemption, you also have alternative options to keep ownership of your house. You can go through mortgage modifications or forbearance agreement.
Earning for Redemption Costs
Your house may have been put into foreclosure because of your financial distress. But this should not totally stress you and leave you incapable of earning for your home’s redemption price.
If you still have your job, try of completing each cut-off so you’ll receive the period’s complete amount. You can use this amount to repay other credits and little by little arrange your financial capability.
You should also try to have other modes of income. If you’re good at something, why not make it a sideline. You can have weekend tutorials or part-time jobs. You can also try online working platforms.
If you have passion for cooking, try selling what you cook. You can also hold garage sale of your used clothing, stuff, and other things which are still in good conditions.
Going through a foreclosure is a difficult situation for a homeowner. It is hard-earned money that is used to hold its ownership. But being in this situation should not stop you from holding on to your dream house. If you really want to retain its ownership, work for it.
You can always consult your real estate agent about situations on foreclosures.