Repurchase my mortgage

[twirley1]

What is the name of your state (only U.S. law)? WI

My home was foreclosed upon and an attorney bought my morgage. The judge said the best thing would be for me to buy back my mortgage. How do I do that? I tried to work with my mortgage company on several occasions. When this finally went to court, they told the judge that they didn't receive paperwork; they had never told me. I have cancer, my husband is schizophrenic. We are both on disability. I don't know what to do.

 

[Zigner]

It sounds like you would need to offer to buy your home from the other party.

 

[justalayman]

The redemption period (either 6 or 12 months) starts with the entry of
Judgment. During the redemption period, you may refinance, or sell the
property in order to pay off the amounts owed to the lender, or if the
lender agrees, you may sell the property for less than the amount owed to
the lender.

to redeem the property, you have 12 months unless the lender waived their right to seek a deficiency judgment. If they do that, the period is reduced to 6 months.

To redeem a foreclosure, you basically have to pay the mortgage loan plus any costs accrued in the foreclosure in full.

 

[nanu156]

Get a rental or an apartment. In all honesty given your medical and disability circumstances a "senior community" (typically they accept disabled non-seniors who are lower income also) where transportation and additional care would be readily available would likely be more appropriate.

It's not possible to "buy back" or "redeem" for a significantly lower monthly payment then you were initially responsible to pay, you were unable to handle the previous payment. It's time to move

There were some remedies available that could have reduced paymet prior to foreclosure but either you couldn't qualify or just didn't apply so now you need to move on.

 

[nextwife]

What is the name of your state (only U.S. law)? WI

My home was foreclosed upon and an attorney bought my morgage. The judge said the best thing would be for me to buy back my mortgage. How do I do that? I tried to work with my mortgage company on several occasions. When this finally went to court, they told the judge that they didn't receive paperwork; they had never told me. I have cancer, my husband is schizophrenic. We are both on disability. I don't know what to do.

Typically, in a WI foreclosure, it is the COLLATERAL, not the mortgage, which is sold at Sheriff's Sale. Are you certain the judge was speaking of buying the mortgage, rather than the house?

As pointed out, it is highly likely the house is unaffordable for you regardless of any potention workout you may have attempted. Consider taxes, insurance plus payments on the balance owed- do you and he, combined, really generate enough income to pay all that? If the buyer does not wish to sell back to you, or if you cannot afford to buy back in a lump sum, there is likely nothing you can do.

A residential foreclosure, from LP filing to confirmation, of an owner occupied home, with deficiency waived, takes no less that 8 months, often much more (delays in confirmation dates after sheriff's sale).