My home has gone into foreclosure 7/27/2012. I have borrowed the money to pay the mortgage bur lender wont accept-what can I do now?
State/Country relating to question: California
started the FNMA mod process who has told me "don't worry, we can assist you in stopping it"; phoned lender to offer the money 8/17/2012
Hi and welcome
Paying off the loan and getting your house back is called THE RIGHT OF REDEMPTION. California has such a right and you have ONE YEAR after the foreclosure to exercise it.
For your information:
"How Redemption Works A statutory right of redemption gives homeowners who have already lost their home to foreclosure the legal right to reclaim their property after they pay off all past due amounts, as well as costs and fees associated with the foreclosure, according to Foreclosure.com. The length of time and conditions under which a homeowner has the ability to redeem their property vary from state to state. Not all states have a statutory right of redemption. Process Leading Up to Redemption Foreclosures in California can be processed through the judicial system, but most are done based on the power of sale clause in the mortgage that enables the bank to foreclosure without going through the judicial system. In the nonjudicial method of foreclosure, a trustee is required to issue a notice of default. If the homeowner does not respond, the trustee starts the legal process to sell the home through a public auction. The bank that foreclosed on the home usually takes back the property at the auction. The nonjudicial foreclosure process typically takes four months in California. The redemption process begins after the auction. Circumstances for Redemption California homeowners usually have one year, or 365 days, to redeem their property after it is foreclosed on. In cases in which the lender takes back the property at the full price of the loan, homeowners only have three months to redeem the property, however. A deficiency judgment is the amount of money the bank calculates it lost as a result of a homeowner not paying their mortgage. A court system validates the lost amount. A homeowner cannot redeem their property if there is no deficiency judgment.
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30+ years NYC R.E.litigation & closings; contract law professor.
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