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Can I buy a foreclosure house with cash if I had foreclosure before?

October 1st, 2010 Leave a comment Go to comments

I’m loosing my house due to foreclosure. I bought it in 0K and right now worth 0K, so I don’t want to loose more money. I have ,000 cash to buy a foreclosure house that is for sale near my mom house which is more bigger than mine. Can I buy the house on my name?

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  1. Gunner221
    October 1st, 2010 at 14:06 | #1

    If you are going to buy the house for cash you shouldn’t have any problem. You lost a lot of money in your old house but so did we. There are a lot of folks in our position so all you can do is make the best of it and move on.

    I hope it works out for you. Best wishes and good luck,

  2. Doctor Deth
    October 1st, 2010 at 14:06 | #2

    if you have $70,000 in cash lying around, the bank is going to want some/most of that to allow you to walk away from owing that much – and if you buy the 2nd house with cash first – they could still come after you for it probably and force you to sell it

    how could a $70,000 house be bigger than a $150,00 house?

  3. My Take on It
    October 1st, 2010 at 14:06 | #3

    For cash? Probably. You wouldn’t have to qualify for a loan.

  4. kyle
    October 1st, 2010 at 14:06 | #4

    If I were you I would honor my word and the mortgage note I signed and use that $70,000 toward staying in your current home. Depending on what state you live in they can and most likely in your situation will come after you for the difference after your forclosure. Now I’m just guessing but if you have a $350,000 mortgage, 30 year, at 5%. If this was the case on the day of signing you were perfectly comfortable paying about $325,000 more for the house over that 30 years than the $350,000 that it was bought for, so really what is wrong with another $250,000 in paper money being lost for the time being??? The real estate market will grow back and if you plan to stay in that area and like the house I would just stay… But aside from morals, yes if you pay cash for a home a forclosure will not stop that but like I said the bank could put a lean on the home.

  5. Libby
    October 1st, 2010 at 14:06 | #5

    If the $70,000 will cover the entire cost of the house plus closing costs, yes, you can buy it. When there’s no bank involved in the purchase, your credit doesn’t matter.

    However… if you have $70,000 cash lying around, then why the heck haven’t you stayed paid up on your mortgage?? Also, if the house sells for less than what you owe on it, you still have to pay back the difference.

  6. godged
    October 1st, 2010 at 14:06 | #6

    You can, but this may be very ill-advised. You need to talk to a tax accountant before you do this, as you may well end up with a big fat problems with the liens, IRS and your lender. Bear in mind, the lender has, in most jurisdictions, 20 years to come after you for the difference in what you forfeited, this "convenience foreclosure" could really cost you down the road.

    More bigger, nice.

  7. Paul Young
    October 1st, 2010 at 14:06 | #7

    In my opinion there should be no problem.As the bank is already having the foreclosure of your home.So no concern for the bank if you buy another by cash.

  8. Kevin Williams
    October 1st, 2010 at 14:06 | #8

    Some parts of New Jersey has has depreciated in value quite a bit but even in the most depressed areas there are very few houses in the $70,000 range,

    Therefore this community with its lower prices must be in a high crime and depressed area. I would not continue to invest in a real estate at this moment because it is highly likely you will continue to make bad decisions.

    Take some time away from real estate and come back to it maybe a year after your foreclosure has finalized. Maybe then you will be able to invest wisely.

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