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rescinding

Posted on: 10th Jul, 2011 04:58 am
my house was foreclosed on while we were working on a modification loan we were not notified our modification was denied,we live in ri does anyone know the odds of them rescinding the foreclosure? i am working and have been working with ri housing.any help would be great.
nobody showed up for the auction so there were no bids placed, i also know the property was turned back over to the bank and the deed has not been recorded
Hi mamicrca,

The lender cannot foreclose the property if you were working on the loan modification option. You should contact your lender and request him to consider your request for modification so that you can save the property.

Thanks
Posted on: 10th Jul, 2011 10:20 pm
If the home already went to auction, then you are no longer the owner. You had until 5 days before the sale to bring the account current. Now the bank has taken back the collateral and will have clear title to the property. Your only hope is to have the new owner, or bank, lease the home back to you.
Posted on: 11th Jul, 2011 09:38 am
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