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Posted by Suzanne on June 26, 2007 at 11:36:33:
In Reply to: buy back after foreclosure posted by Georgiaboy on May 29, 2007 at 12:26:02:
Have you found any information on how to buy back your foreclosed property from the bank? I am in the same situation, so I thought I would ask. If you find out anything, would you be kind enough to let me know?
I went through a similar situation with First Franklin. I had someone negotiating on my behalf - but they dropped the ball. We got a 30 day postponement to negotiate, and I asked three times, two in emails and one on the telephone, when the new sale date was... yet she never asked the bank. She contacted the on 6/18 only to learn that the sale took place on 6/15 and wondered why they didn't tell her? I asked her several times and she never asked them. After the fact, I received the notice to my former address in another state... despite letting the trustee know of my new mailing address, they mailed it to the wrong address. I now have 75 days to acquire financing (Colorado law). I live in a resort town of Breckenridge and own a $2.2 million house with $400-500k in equity that will be lost if I don't find a third party.
The huge thing here, I believe, is that they do not want to negotiate with anyone "on your behalf". They already discount you as a loss, and will do anything from keeping you in the home. If you find a third party who is willing to purchase the home on your behalf, let that investor know only to negotiate on their own behalf and not to mention you, because the bank, again, does not want to negotiate with anyone to your benefit.
I hope this helps... let me know if you find out anything, or any company or investor that is willing to do this for you, will ya?
