Can I Buy Back My Home After a Foreclosure?
After finding out that your house is getting foreclosed upon, you probably have numerous questions on your mind, including whether you’ll have the opportunity to buy back your house after the foreclosure. Florida provides a statutory right of redemption:
At any time before the later of the filing of a certificate of sale by the clerk of the court or the time specified in the judgment, order, or decree of foreclosure, the mortgagor or the holder of any subordinate interest may cure the mortgagor’s indebtedness and prevent a foreclosure sale by paying the amount of moneys specified in the judgment, order, or decree of foreclosure, or if no judgment, order, or decree of foreclosure has been rendered, by tendering the performance due under the security agreement, including any amounts due because of the exercise of a right to accelerate, plus the reasonable expenses of proceeding to foreclosure incurred to the time of tender, including reasonable attorney’s fees of the creditor. Otherwise, there is no right of redemption.
So, what does this mean, exactly? Essentially, while you can’t buy back (redeem) your home after the foreclosure is finalized, you will have a certain amount of time to do so beforehand, even after a foreclosure sale takes place. If you want to keep your home, you can do so by paying off the full amount of your unpaid mortgage loan (along with interest, attorneys’ fees, and costs) before the later of (1) when the court clerk files the certificate of sale; or (2) the time specified in your foreclosure judgment, order, or decree. Florida’s statutes require the clerk to “promptly” file a certificate of sale and serve each of the parties a copy of it, and this typically takes place within one day of a foreclosure sale.
The purpose of this right of redemption is to provide homeowners with additional time to find the funding needed to pay off their loans. Even if you were previously struggling to make your mortgage payments—which caused the foreclosure process to begin—you’ll have another chance to get the money you need before your foreclosure is finalized.
Get the Legal Help You Need in Tampa Bay
If you’re facing a potential foreclosure, you’re probably feeling overwhelmed and stressed about what might happen next, so it’s important to find an attorney who’s experienced in this specific area of the law. That’s exactly what you can expect from the team at The Lyons Law Group, P.A., a trusted real estate law firm that’s been serving clients from across the Tampa Bay region since 2008. Our attorneys have extensive experience defending clients against foreclosures using case dismissals, loan modifications, short sales, cash for keys, and other strategies, and we can provide you with personalized advice about next steps to take.
Not only do we represent clients whose properties are being foreclosed upon, but also those involved in real estate transactions. Indeed, we offer a wide array of real estate closing services for both buyers and sellers—in addition to issuing title insurance, holding escrow, and preparing the documents required for title commitment (i.e., the same services provided by a title company), we can also represent you in negotiations, draft any necessary supplemental documents, and advise you on pertinent legal issues. So, whether you choose to buy back your home after a foreclosure or purchase another property, we can assist you with the sale.
Contact The Lyons Law Group, P.A., today to schedule a free initial consultation with one of our firm’s knowledgeable foreclosure attorneys. With offices in New Port Richey, FL, and Spring Hill, FL, we’re perfectly situated to serve clients throughout Pasco County, Hernando County, and the surrounding area. We understand the toll that foreclosure can take on people’s lives, and you can count on us to deliver the compassionate service you deserve.
