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is there a forgiviness foreclosure

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reneestewart Joined: 25 Jul 2011 Posts: 1 1.31 Dollars($)	Posted: Mon Jul 25, 2011 6:06 pm    Post subject: is there a forgiviness foreclosure Like 0 Dislike 0 When grown kids and grand kids move back home with out a job and it only one check coming in and you try to upgrade you get in a bind. Question is there a forgiveness process with the bank to get the home back. The government has bail out bigger people then me. I would like this home back i did some big update to the home.
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Mon Jul 25, 2011 10:33 pm    Post subject: Like 0 Dislike 0 Hi reneestewart! Welcome to forums! If you're unable to pay off the mortgage and if the lender has not started the foreclosure process, then you can apply for a loan modification in order to save the property. Sussane
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Tue Jul 26, 2011 10:18 am    Post subject: Like 0 Dislike 0 Renee it would seem to me that you've already lost the home due to foreclosure. Is that the case? If so, I don't believe you'll have any recourse in that regard. Once the lender has gone through the foreclosure process and litigation is completed, that lender will attempt to sell the home in order to recoup any loss it has suffered. If you have the wherewithal to bid and be accepted as the new purchaser in that case, you'd certainly be allowed to repurchase the home. Getting financing would be awfully dicey, though, based on the legal action that already took place. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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