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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] The possibility exists Posted by Reinstatement Services, Inc. on June 12, 2002 at 8:13 AM In Reply to: getting foreclosed home back posted by Mike Westbrook on June 11, 2002 at 9:21 PM Hi Mike. Your lender will be looking to convey the property over to HUD shortly. Sounds like you have a situation where, outside of the opening bid, noone bid on the property. In which case the lender became the beneficiary....The winning bidder. HUD is involved because the loan appears to have been government sponsored [FHA]. Your lender will seek to turn the property over to HUD in exchange for payment. There is still cause for hope that the foreclosure action can be overturned. It requires petitioning your lender to set aside the foreclosure action. Its done everyday. If the property has already been conveyed to HUD, you might petition HUD to rent the property with the option of purchase at a later date. HUD does sponsor these type of programs. Default and Foreclosure Mediation Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : Hi Mike. Your lender will be looking to convey the property over to HUD shortly. : Sounds like you have a situation where, outside of the opening bid, noone bid on the property. In which case the lender became the beneficiary....The winning bidder. : HUD is involved because the loan appears to have been government sponsored [FHA]. Your lender will seek to turn the property over to HUD in exchange for payment. : There is still cause for hope that the foreclosure action can be overturned. It requires petitioning your lender to set aside the foreclosure action. Its done everyday. : If the property has already been conveyed to HUD, you might petition HUD to rent the property with the option of purchase at a later date. HUD does sponsor these type of programs. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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