Foreclosed homes are among the best sellers in the real estate industry. Many times, foreclosures occur due to unavoidable financial circumstances. Financial distress makes the homeowner unable to pay the mortgage. What if this situation happens to you? What if you really want the house? Can you get it back?
In most states, homeowners can buy back their foreclosed homes. Putting it in the correct terminology, it is known as the right to redemption. However, the purchase of repossessed homes is only allowed within a certain period.
The right to salvage a home from foreclosure also often comes with high costs. The full price of the foreclosure plus other costs must be reimbursed to the person who purchased the property when it was foreclosed.
In Florida, foreclosures are judicial. This means that lenders file lawsuits in court to have your home foreclosed. The court clerk files a certificate of sale after the foreclosure.
If you want to trade in your home, you can take the buyback action at any time before the court clerk files the certificate. You also have the opportunity to redeem the home within the stipulated time as stated in the foreclosure judgment.
You should remember that the judgment of foreclosure issued by the court will be sent by certified mail. But keep in mind also that the last day to redeem generally ends on the day the clerk of the court presents the certificate of sale.
After this period, you may not have any right to buy back your repossessed property. In the state of Florida, the foreclosure process generally takes place within a year to complete. Therefore, if you are in this state, you can think of a good plan of action since you have more time to think.
Alternative options
Aside from the right to redemption, you also have alternative options for maintaining ownership of your home. You can go through mortgage modifications or a forbearance agreement.
Win by Redemption costs
Your home may have been in foreclosure due to financial difficulties. But this shouldn’t completely stress you out and leave you unable to earn money for the redemption price of your home.
If you still have your job, try to complete each cut to receive the full amount for the period. You can use this amount to pay off other credits and gradually order your financial capacity.
You should also try to have other forms of income. If you are good at something, why not put it aside? You can have weekend tutorials or part-time jobs. You can also try online job platforms.
If you have a passion for cooking, try selling what you cook. You can also hold a yard sale of your used clothing, stuff, and other things that are still in good condition.
Going through foreclosure is a difficult situation for a homeowner. It is hard earned money that is used to maintain your property. But being in this situation shouldn’t stop you from clinging to your dream home. If you really want to keep your property, work for it.
You can always consult your real estate agent about foreclosure situations.
