Posted on February 15, 2009 - by admin
How to Reclaim a house that we sold that was in foreclosure?
godsleadingwoman1952
My friend and I brought a house in 2000 we had some problems in 2002 and the house was in pre- foreclosure we found a buyer for the house and it was paid off. we were told that the foreclosure would be stopped and would not be on our credit but it is.
How do we get it off.
The house is now abandoned and or in foreclosure again not sure but since we paid the house off it should be legally ours and we should be able to reclaim the house. We got only 600.00 from the sale and paid off the 95000 owed on the house plus the taxes and 12000.00 to repair the heating since we did all this we should have the right to get our house back shouldn’t it be ours since we paid for it.
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February 18, 2009
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your credit should notate the late payments on the mortgage. a mortgage company doesn’t care about what actually happened. if the house goes over 120 days late, it is considered a forclosure.
as for the second part of the question, no, it is not your house. you sold the house to an invester for 95,600. this money paid off the loan that you had of 95,000 and left you with 600 dollars. the invester then had a loan on the property for 95,600. he defaulted on his loan and the bank forclosed on the house again. the bank owns the house.
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February 18, 2009
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i’m a bit confused. you said that you found a buyer for the home. you then paid off said loan with the bank. therefore, if you paid off the loan you do not owe anything to the bank. the person that you sold it to owns the home, not you. you are not entitled to “time served” in terms of a mortgage. any money that you spent on repairs is gone with the wind, unfortunately. ask this question to an attorney and he will laugh you out of his office.
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February 19, 2009
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Sounds like you did a sale to avoid the foreclosure back in 2002, right?
At that point you no longer had any equitable interest in the title to that property.
If you arranged a short sale in 2002 or transferred he deed to the lender in lieu of foreclosure, the consequences are far as credit are pretty much the same as a foreclosure and if their was a deficiency the lender could pursue and obtain a judgement which could be filed as a lien against and real estate you ever own.
Sorry for your luck. From what you stated, I don’t believe you have any claim on the home. If you still think you do, contact an attorney in your area to pursue it.
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February 20, 2009
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No. It’s not yours.
Let’s straighten matters out. You owned a home in preforeclosure.
You found a buyer for the house. You say “it was paid off.” By that, it appears that the buyers purchased the house; they paid for it and thus the mortgage you owed was eliminated.
You were told that it would not be on your credit. Whoever told you that was wrong. Once you fell behind on your payments, the lender was reporting late payments. Then you sold the house. If you sold it as a short sale, then that, too, is on your credit report. It’s not as bad as a foreclosure, but it’s not good. If, however, you sold it for enough to fully satisfy all the liens on the property, then that’s OK. Your delinquent payments prior to sale would still be on your credit report.
But you sold the property. The buyers paid for the property. Whether or not that was a short sale, it eliminated your mortgage, but it also resulted in ownership being transferred to the new buyers.
You’re totally out of the picture now. If the house is abandoned, that’s the problem of the current owners. If it’s in foreclosure, that means the bank foreclosed on the owners (the people you sold it to), and now the bank owns it.
It’s immaterial what you received from the sale. I can’t tell whether the $600 is from a regular sale or whether it’s “moving expenses” or something similar from a short sale. In a short sale, the lender demands that the seller not receive any proceeds. However, very often there are ways to funnel a few hundred dollars back to the seller–you–for moving expenses.
So: You sold the house. You got paid for it. That money went to retire the mortgages. Someone else then owned the house. What’s happened to the house since then is between them and their lender.
You cannot reclaim what you don’t own.
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February 23, 2009
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I am pretty sure you thought your mortgage was paid off by the buyer or investor you found.
This investor did not pay off your mortgage, nor did they get a new loan to pay off your mortgage, they took the property subject to the existing mortgage. This means they brought in enough money to escrow or closing agent to bring the back payments current brought the taxes current and paid you $600.00.
The action they took during this transaction did in fact stop the foreclosure.
During the transaction they did change the property deed to their name. Therefore you are no longer the owner of record at the county court.
They then made enough repairs to put the house on the market for sale or rent.
Since the investors decided that the property was too much for them or they could not find a buyer or renter for the property they let it go.
Since the mortgage was still in your name your credit report reflects the foreclosure as it should.
You may not reclaim the property, but if you want to purchase this property again you may find out who has it listed for the bank that now owns it. Once you find who has it listed you may make an offer on the property.
I hope this has been of some use to you,good luck.
“FIGHT ON”
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February 23, 2009
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The foreclosure is not on your credit. You paid off that loan. It was not foreclosed. Therefore you can’t have a foreclosure on your credit. But it can show up that you were “in foreclosure” at one time. That would be true. You can clear this up by showing proof to any future creditors (people who are loaning you money) of the settlement sheet from your 2002 sale to that buyer. If you didn’t save it, your escrow company will have copies.
Since you sold the house, the buyer owned it. The only way you get it back is if you loaned the buyer money on the house (a carryback) and the buyer didn’t pay you..