Many homeowners don’t comprehend this, but there are many rules in place that keep your lender from taking advantage of you, while they are foreclosing on your home. Every day, I hear: “My bank just wants to take my home because it’s worth more than the payoff”. In some cases, this may be the case, but by law, your mortgage company must sell the home for its fair market value and pay you any proceeds over and above the amount owed. Lenders may try and take advantage of the fact that most borrowers don’t know the laws when it comes to foreclosure, but we’ll help you understand your rights and hopefully get some money back if you’ve lost your home.
The main issue we’ve seen is when lenders accept an offer on the home as quickly as possible, just to pay off the mortgage. After the foreclosure and eviction, mortgage companies seem to forget about following the laws. For example, lets assume your home is worth $300,000, but your total payoff is only $275,000. Your mortgage company has a legal responsibility to sell the home for it’s fair market value, which is $300,000. This would leave $25,000 for you. What usually ends up happening is the bank accepts the first offer they receive of, lets say, $250,000, then they sue the home owner for a $25,000 deficiency judgment.
In a case where the bank has a legal responsibility to pay $25,000 to the homeowner, instead they end up stealing the home and suing the homeowner for an additional $25,000. There is absolutely no reason the homeowner should have to pay for the the lenders neglect to sell the home at a fair price.
If you are in the process of having your home foreclosed on, or if you have already lost your home to foreclosure, then it’s urgent that you know the appraised value of your home. You may be owed thousands of dollars, in the event your home is, or was, sold for less than it was worth. There are many cases where previous homeowners have gotten settlements in excess of $50,000! Knowing your rights and the laws when it comes to facing foreclosure is likely one of the best ways of avoiding foreclosure altogether. If you didn’t understand your rights and you were taken advantage of, there is a chance you can get your home back, or at least sue the lender for their misconduct.
A great way to get the value of your home is to is to get a full appraisal from a local, qualified appraiser. However, this can be quite costly, since you are/were facing foreclosure. It’s also hard, after a hardship, to justify “throwing good money after bad”. My recommendation is to get a estimate from a Realtor or Property Valuation from another qualified source. Our website can provide you with a good local company if you need one. I strongly discourage using a website service that give value quotes, because they are rarely accurate and do not take the condition of the home, or improvements into consideration.
When it comes right down to it, if your lender acted illegally when foreclosing on your home, or sold the home afterwards for at a lower price than they should have, then you need to do something about it! We can not just sit back and let the lenders get away with such misconduct and taking advantage of helpless consumers. Take action immediately and we’ll help you force your lender to answer for their wrongdoings!
By: Nick Adama
How To Get A Refund From Your House After Foreclosure
Many homeowners don’t comprehend this, but there are many rules in place that keep your lender from taking advantage of you, while they are foreclosing on your home. Every day, I hear: “My bank just wants to take my home because it’s.
Tips For Avoiding Foreclosure | Bank Foreclosure Listings Articles
This additional cash money will refund other debts such as automatic credit cards, pieces of furniture or payments. By sponging you with these other debts thus have outgoing each month better will be equipped you to meet your mortgage.
Tips of you get into buying foreclosed homes or homes at auction
When that happens, the courts will refund you your money but it takes about 4-6 weeks. In NC, you also need 5% down on the day of the auction but now the 10 day period after the sale is open to anyone that wants to still put in an.
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Call it a green lining on the cloud of the mortgage foreclosure crisis. Homeowners who handed the keys over to the bank may actually have some money coming their way, and in Cook County, a new online system may help nearly 2000 property.
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Creative ways to buy a home after a foreclosure or short-sale. May 18, 2009. Homeowners who were foreclosed upon or did a short sale of their home are now finding creative ways to get back into home ownership. … If seller no longer wants to sell the home to the buyer, seller may refund the some money to the renter. Because lease-to-own agreements can be complex legal arrangements, I recommend you contact an attorney to make sure your interests are protected.
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Tags: foreclosure assistance, foreclosure home, home loans, mortgage foreclosure