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Foreclosed homes question

Does anyone know anything about foreclosed homes? Is there a law or something that if the old owner comes up with the money they can take the home from you?? This was told to me, but i don't know if its true??

Any advice??



Thanks so much!!

 
WifeyandMom71

Asked by WifeyandMom71 at 1:03 PM on May. 8, 2013 in Home & Garden

Level 12 (749 Credits)
This question is closed.
Answers (6)
  • No, not true. They have a certain period of time to come up with the money. Then after that time, the home becomes the Banks property & is sold. You buy. Done!
    ILovemyPaulie

    Answer by ILovemyPaulie at 1:22 PM on May. 8, 2013

  • I never heard of such a law, and I bought a home that had been foreclosed on. If such a rule existed, I would think someone would have told me. You can get some good deals, but beware, you can still end up in a home that you can't sell because even at the lowered price, you owe more than it's worth. Do your homework
    Ballad

    Answer by Ballad at 1:14 PM on May. 8, 2013

  • As far as I know. Once the old owner loose the house to forecloser. They can not get it back. Unless the forcloser is not totaly done yet.
    louise2

    Answer by louise2 at 1:58 PM on May. 8, 2013

  • No it is not true. The home is foreclosed upon and the account with the original owner is closed. When it is placed on the market it is at a reduced price because it has been foreclosed upon and the bank does not make money on a house that is just sitting there. There are laws that limit what a bank can sell a foreclose home for (upper limit) The original owner can not come back with the money later and take it back.
    Dardenella

    Answer by Dardenella at 4:37 PM on May. 8, 2013

  • When the house is foreclosed, it goes to the bank. Original owner is out of the picture.
    tasches

    Answer by tasches at 4:41 PM on May. 8, 2013

  • Thank you ladies! Are there any specific website i can look for a foreclosed home??
    WifeyandMom71

    Comment by WifeyandMom71 (original poster) at 1:50 PM on May. 9, 2013

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