Sunday, February 21, 2010

How long does foreclosure stay on you credit can you buy house back?

lost my house now back on market for less can i buy for lessHow long does foreclosure stay on you credit can you buy house back?
The answer is NO. That would be fraud. You lost the house once - they're not going to Short Sale it back to you. If you have cash on hand that satisfied the original debt - you could possibly get it back. If you're in a redemption state (call the servicer assigned FC attorney or go in and see an attorney that you want to, but whose specialty is FC) you may be able to get it back if the property is still in the redemption period. This is generally done by giving 1 years worth of interest payments to the person/company that brought the property at sale.





But can you buy it back as a Short Sale - Nope!How long does foreclosure stay on you credit can you buy house back?
Im not sure if you can buy your house back to be honest but i haven't looked up that yet as we are not settled in a new rented house.





However foreclosure can stay on your credit for up to 10 years i believe is the maximum but it does vary upon your state or county!





Ive linked a source that might have the answer or just give you more information.
If it was your homestead you can check what your local laws are about redemption period.





If you mean to buy it back from the bank, you will have to check with them. Many REO companies have very strict rules about foreclosed owner buying back their properties after foreclosure. If you use a ';straw buyer'; it could constitute fraud.





I suggest you get legal advice on this matter.
Not sure on how long the foreclosure stays on your credit report, but I think the most anyone bad items stays is 10 years.





Good luck getting the bank to allow you to buy the house back. I just bought a foreclosure and the bank insisted on out SSNs to make sure we were not related to the previous owner. They are strict.
5-7 years....depending on your your state laws.

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