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mikesworld9 · Joined: 30 Mar 2008 Posts: 3 1.97 Dollars($)

Its more than likely later this year I will loose my house.
I know that a period of 4-5 years is needed before I can apply for a new mortgage, But what if I bought a house for cash? A cheap, but workable place? Do I risk getting a lein on it? I'm talking cheap...like the whole deal under $10,000.

Niicss · Posted: Wed Jan 07, 2009 3:15 am Post subject:

Hi mikesworld

If you purchase the property after your current property has been foreclosed, then I don't think that the lender will be able to place a lien on the new property. Moreover, if you pay off the deficient amount resulting from the sale of the property, then the question of lien does not arise.

However, there are various ways to avoid foreclosure. You can check out the following link to know about them:
http://www.mortgagefit.com/foreclosure/17ways-avoid.html

Thanks.

Guest

Thanks for your answer.. I guess I should have given a bit more info.
My concern on a lien would come from the holder in the second position on my current mortage after foreclosure.

elnoralittle · Posted: Wed Jan 07, 2009 7:21 am Post subject:

Have you tried loss mitigation?

I hate telling people this too, but if you file a chapter 13, you can't be foreclosed upon.
The chapter 13 bankruptsy proceeding was created to protect your secured property and to stop foreclosure. Once your 13 goes through, there will be a stay on your foreclosure.
Under a chapter 13, you can have up to 5 years to catch up on your mortgage arrears.
This doesn't give the consumer a free pass, you still have to abide by the terms of the chapter 13 otherwise your mortgage company can pursue the court to set aside the descision to stay foreclosure proceedings.

If you are having troubles in other area's, try to get with a lawyer.
Also, try to work something out with your current lender. It might take a bit, and a lot of work, but if your home is worth it to you, then I would definately look into it.

Good Luck

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Can I purchase a house for cash (auction) after forclosure?