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Buy-Back Real Estate Related Questions

Do you need to know what a cash buy-back is in regards to your property? Do you need to know if it is possible to buy-back your home after it has gone to foreclosure? Knowing your rights as a property owner is important. Verified legal Experts can advise you by answering questions regarding real estate laws.

Read below where online Experts have answered questions for property owners.

In real estate law, what is a cash buy-back?

When dealing with a foreclosure, there is a remedy in many states that allows the owner of property that has been foreclosed on to buy back the property. The (foreclosed) owner has the “Right of Redemption.” This means he or she may legally force the lender, or the individual who bought the property at foreclosure, to sell it back to the previous owner for an amount equal to the unpaid loan, plus costs and interest. This is known as a cash buy-back because the lender does not have to reinstate the loan or take payments, but may demand payment in full when the redemption right is exercised. Actual cash is rarely used because bank checks are safer, but cash is always a legal option.

If an individual enters into a fresh start, 12 month buy-back program, but the real estate broker walks away and the house goes to foreclosure, can the individual stop the foreclosure?

The individual may be able to sue the real estate broker for breach of agreement. The measure of damages may even encompass the loss of the home if it can’t be saved. With respect to saving the home and obtaining an injunction, the fact that the broker made a mistake may not be enough to obtain an injunction. In order to prevail on an injunction to stop the foreclosure, the individual may need to show that his or her property rights were violated. If there is no agreement in writing that entitles the individual to purchase the property, it may be difficult to prevent foreclosure.

Is it possible to buy back a Wetland Reserve Program easement?

There is no law that prevents an individual from buying back the easement, but there is also no law which would force the government to sell the easement. As the sale would be voluntary by the government and not forced through the court system, there are no cases to look at. It is not likely the government would sell the easement back, but the individual can always ask. The USDA can be contacted to discuss a voluntary re-transfer of the easement.

Can an individual have a relative buy his or her house at a short sale and then buy it back?

If it is a cash deal then there is no issue. If there is a mortgage then the relative would have to state he or she has no relationship with the individual because mortgage companies want all transactions to be clear of any possible fraud. If the relative does not have same last name as individual, it could work.  However, the relative may have to disclose how he or she knew about the sale, and whether he or she knows the individual.

If a federal employee is enrolled in a government buy-back program, and the house is purchased by the government at market value, will the individual be liable for the difference and will the lender have a “right to deficiency?”

The individual’s status as a federal employee does not exempt the individual from the lender’s ability to issue a 1099 on the debt forgiven, but because the purchase is by short sale, it would be assumed that the terms would require the lender to waive the right to deficiency.

Is it legal for an individual to buy-back his or her own mortgage at a discounted rate?

There is nothing to prevent an individual from purchasing the mortgage at a discount. The main issue would be to locate the owner of the mortgage, and get them to deal with an individual mortgage. Most of these are bought and sold in bulk.

Is there any government program that can help a person buy-back his or her foreclosed home?

There are no government agencies that can assist in this. A person has to get financing from a conventional loan company or a bank.

Can an individual buy-back his or her property at a foreclosure sale?

An individual may buy-back property at foreclosure. This is done on a regular basis. As long as an individual can get the funds, either in cash or in loans, then he or she can bid and buy at the foreclosure sale just as everyone else.

Each year many people go through foreclosure proceedings due to being unable to make their mortgage payments. Consulting with an attorney can be quite expensive and may only further the financial difficulties. Your questions can be answered by verified legal Experts online. They can provide you with reliable information and direct you in your best options for dealing with a foreclosure.

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