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Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 30909
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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Hi... can a homeowner who lost their house in a foreclosure

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Hi... can a homeowner who lost their house in a foreclosure bid on that property at the judicial sale?

Roger : Hi - my name is XXXXX XXXXX I'm a Real Estate litigation attorney. Thanks for your question.
Roger : There's no law that prohibits the foreclosed owner from showing up at the sale and purchasing the property.
Roger : Also, it is certainly possible to approach the lender and offer a settlement, but it is very unlikely that it would be accepted.
Roger : Most lenders are willing to take their chances with the sale and hope that several bidders will show, which in turn, should mean that they'll get more for the property.

How would one Redeem the property?

Roger : Generally, a redemption requires that the loan and any expenses (including attorney's fees and court costs) be paid in full before the sale
Roger : ....also, some states allow for a redemption period after the sale.

Would the home owner go to the lender or should they go through an attorney?

Roger : In Illinois, on residential properties, there is a seven (7) month right of redemption from either the time the foreclosure complaint is filed or three (3) months form the time a final judgment of foreclosure is entered.
Roger : You could do either, but you're likely to get better results with an attorney.

very good. Thank you for your help.

Roger : No problem. Please let me know if you need anything further.
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