How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Roger Your Own Question
Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 31731
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
Type Your Real Estate Law Question Here...
Roger is online now
A new question is answered every 9 seconds

Hi... can a homeowner who lost their house in a foreclosure

This answer was rated:

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.
Roger and other Real Estate Law Specialists are ready to help you

Related Real Estate Law Questions