If my house becomes a REO property can I buy it back?

Is it possible to buy my house at the price the bank was asking at the auction but nobody bid on it.

Asked on February 27, 2012 under Real Estate Law, California

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

You come from California, correct?  In California properties in foreclosure are sold under a deed of trust.  With a deed of trust you do not have what is known asa right of redemption or reinstatment of your mortgage.  I would speak with a real estate attorney in your area about trying to negotitie something for you.  You never know.  Banks hate to own property.  Good luck. 


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