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  1. #1
    bobingeorgia is offline Member
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    Redeeming a Foreclosed Property

    What is the name of your state? Georgia

    QUESTION:

    When you redeem a forcloused property do they automatically put the deed back into the previous recorded deed holders name or into the name of anybody they wish. Are there any specific laws on this or is it just up to the lawyer and fannie mae.

    DETAILS:

    My house was foreclosed on in 1999. My father paid the cash to redeem the house and I assumed the deed was now back in my name since it was a redemtion. I never moved out of the house and it was never put back on the general market for sale. Please remember that he did not buy it on the courthouse steps. It was taken back by the bank and bought back from them for the amount of the defaulted mortgage plus lawyer fees. I was for the past seven years paying my father back the money he paid to redeem the house plus intrest.

    Fast foward to 2006. My father has since gotton a mortgage on the house. He and I hava a falling out and he decides to without notice to me let the house go into foreclosure. When I find out I then try to get a mortgage since I am the deed holder but imagine my surprise when I find out that the deed is in his name. He and I have the same name except I am JR. and the deed now reads SR. The bank takes it back and as you can guess I gotta get out.

    So do I have a case for a dirty title or deed. I want to use this to stall from being evicted. It is possible for me to redeem the house but the attorny for Fannie Mae/Bank tells me that they can only put it back into my Fathers name since thats how it was before. Otherwise I have to move out and they will put it back on the market at market rates.

    I NEVER signed any papers assigning deed of the house to my father. He dealt with the attorny directly without me quite possibly posing as me without my knowledge. If there are no laws concerning redemption and who the deed goes back to then I'm out of luck. If there are then I will take whatever steps are necessary to save my house.
  2. #2
    LindaP777 is offline Senior Member
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    QUESTIONS:

    -The house, years ago was deeded solely to whom, you? No one else?

    -Your mortgage. years ago, was solely in whose name, yours? Nothing has happened to this mortgage all these years, other than you getting behind and you dad catching you up? (Redemption would only occur if the house sold at the sheriff's sale). So if the story you told us is true, your dad did not redeem the house, but rather made the payments current (plus paid incidental expenses incurred by the bank.)

    Is there still a mortage? Who has been paying it all these years? (Where did you pay it? Same bank?)

    Answer these questions and we'll give you some answers . . . but it sounds like there was some dirty dealing. I'd start making phone calls, maybe to the DA's office.
  3. #3
    pojo2 is offline Senior Member
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    It was taken back by the bank and bought back from them for the amount of the defaulted mortgage plus lawyer fees.

    Since the bank owned the home it seems to me that they just let him catch up the defaults and sold it to him and let him assume the mortgage.

    It was taken back by the bank and bought back from them

    This leads me to believe indeed he BOUGHT the house.

    Have an Atty versed in realestate to go over ALL the paperwork to untangle the mess for you.
  4. #4
    LindaP777 is offline Senior Member
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    Quote Originally Posted by pojo2
    [B] Since the bank owned the home it seems to me that they just let him catch up the defaults and sold it to him and let him assume the mortgage.
    Not sure about GA, but in Ohio, it would have to go to sheriff's sale to change hands w/o current owners consent. Otherwise, anyone who got wind of a preforeclosure could go in, make it current, and assume the loan. Can you imagine if that could actually happen? Someone working at the bank would just give a heads up to an investor friend, who would come in and take over the payments and the house? Nahhh . . . I can't imagine that being allowed in any state.

    Quote Originally Posted by pojo2
    [B] Have an Atty versed in real estate to go over ALL the paperwork to untangle the mess for you.
    Good advice.

    (Would still like to see OP answer questions, as my gut says there was some shenanigans going on with dad changing Jr. to Sr. (claiming it was some mistake that needed to be corrected).
  5. #5
    bobingeorgia is offline Member
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    Quote Originally Posted by LindaP777
    QUESTIONS:

    -The house, years ago was deeded solely to whom, you? No one else?

    Years ago the house was deeded ONLY in my name. My father was not anywhere on the deed.

    -Your mortgage. years ago, was solely in whose name, yours? Nothing has happened to this mortgage all these years, other than you getting behind and you dad catching you up? (Redemption would only occur if the house sold at the sheriff's sale). So if the story you told us is true, your dad did not redeem the house, but rather made the payments current (plus paid incidental expenses incurred by the bank.)

    No, my father did not catch the mortgage up to the original bank. The bank foreclosed back in 1999. There was a sale on the courthouse steps. Nobody bought it. It went back to the bank. I got the 30 day eviction notice. My father went to the post foreclosure attorny and paid off the owed mortgage plus all the attorny fees all the while I was still living in the house. They stopped the dispossary process and the house was deeded back to him (I thought it was back to me). He owned it free and clear. From looking at the county records I see that in 2001 he went and got a mortgage on the house. I, per our agreement have been paying him directly every month since 1999 until I would be able to get a bank mortgage to pay him back in full.


    Is there still a mortage? Who has been paying it all these years? (Where did you pay it? Same bank?)

    From talkng to the new bank that my father got the mortgage with he has been taking the money I have been giving to him each month and paying off the mortage. This is a brand new loan with a totally different bank then the one I dealt with at the beginning. It was to this new bank that he stopped paying the mortgage and let it go into foreclosure...(cause he was mad with me about some unrelated family matter)

    Answer these questions and we'll give you some answers . . . but it sounds like there was some dirty dealing. I'd start making phone calls, maybe to the DA's office.

    Thanks guys
  6. #6
    LindaP777 is offline Senior Member
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    If the bank bought it bank at the sheriff's sale, they can do with it what ever they wanted, including selling it to your dad.
    Last edited by LindaP777; 02-28-2006 at 09:05 AM.
  7. #7
    LindaP777 is offline Senior Member
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    Once the bank foreclosed and it went to sheriff's sale you were out of the picture. Once your dad became the owner, barring any written contract (did you have some other written agreement between the the of you?), you became his tenant and the payment to your dad was "rent". You better start packing, but your dad will have to evict you to get you out.
    Last edited by LindaP777; 02-28-2006 at 09:09 AM.
  8. #8
    bobingeorgia is offline Member
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    Quote Originally Posted by pojo2
    It was taken back by the bank and bought back from them for the amount of the defaulted mortgage plus lawyer fees.

    Since the bank owned the home it seems to me that they just let him catch up the defaults and sold it to him and let him assume the mortgage.

    It was taken back by the bank and bought back from them

    This leads me to believe indeed he BOUGHT the house.

    Have an Atty versed in realestate to go over ALL the paperwork to untangle the mess for you.

    I dont know if anything was done wrong or illegal. Thats why I'm asking.

    He did not assume the mortgage he bought it cash....a year or so later he got a new mortgage on it.

    With this brand new foreclosure that just happend in 2006 I went to the attorny and told them I wanted to buy it. I told them I was living in the house and wanted to pay what was owed to the bank plus the fees. They said that would be a redemption and that it would be put back into my Fathers name. I said no I wanted to put into my name where it should have been. They said for me to buy the house and have it put in my name I would have to move out and they would put it on the market and I would have to but it at market...not at what was owed to the bank.

    When I heard this and then found out it was never deeded back to me bells started going off and I started to think back to 1999.

    So is this their policy or some type of law about deededing a redemption back to the previous owner that was forclosed on. If its a law than there was fraud back in 1999.

    By the way when I told them my name they just assumed I was my father. I guess thats what he did. But there was a change from Jr. to SR. back then
  9. #9
    bobingeorgia is offline Member
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    Quote Originally Posted by LindaP777
    If the bank bought it bank at the sheriff's sale, they can do with it what ever they wanted, including selling it to your dad.

    Yes, that is what happend.

    Good, thats what I wanted to know. If they could do whatever they wanted or was something amiss.

    So it seems that the new bank that just foreclosed on it does not want to sell it back to me. I have the means to get it back but they are saying that I will have to move out and they will put it back on the market then I can buy it back at the new market rate. (pretty dumb with the way the real estate market is in rural GA)

    Perhaps I got the wrong person and I need to press harder.
  10. #10
    bobingeorgia is offline Member
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    Quote Originally Posted by LindaP777
    Once the bank foreclosed and it went to sheriff's sale you were out of the picture. Once your dad became the owner, barring any written contract (did you have some other written agreement between the the of you?), you became his tenant and the payment to your dad was "rent". You better start packing, but your dad will have to evict you to get you out.


    Yes, there was an agreement after he bought it back for me to pay him the money that he paid to redeem it....or I guess it's looking like bought it.

    My dad no longer owns the house remember...he was foreclosed on so its the bank or fannie mae that is doing the eviction
  11. #11
    LindaP777 is offline Senior Member
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    Quote Originally Posted by bobingeorgia
    He did not assume the mortgage he bought it cash....a year or so later he got a new mortgage on it.
    Got it.

    Quote Originally Posted by bobingeorgia
    With this brand new foreclosure that just happend in 2006 I went to the attorny and told them I wanted to buy it. I told them I was living in the house and wanted to pay what was owed to the bank plus the fees. They said that would be a redemption and that it would be put back into my Fathers name. I said no I wanted to put into my name where it should have been. They said for me to buy the house and have it put in my name I would have to move out and they would put it on the market and I would have to but it at market...not at what was owed to the bank.
    If you want to buy the house (foreclosure), you'll have to bid on it when it goes to sale at the sheriff's sale. Unless the bank buys it back at the sheriff's sale, you do not have to move out, you are just the tenant buying a foreclosed property. If the bank buys it back, they will evict you so they can sell it.
    Has it already gone to the sheriff's sale? The bank bought it back? Sometimes the banks will not deal with a buyer, but have a procedure they follow for selling it through a Realtor. Don't be surprised if they won't deal with you prior to the Realtor. You, indeed, may have to vacate the premises.


    Quote Originally Posted by bobingeorgia
    When I heard this and then found out it was never deeded back to me bells started going off and I started to think back to 1999.
    So is this their policy or some type of law about deededing a redemption back to the previous owner that was forclosed on. If its a law than there was fraud back in 1999.
    I see no fraud. The bank bought it back at the sheriff's sale and sold it to a buyer (who just happened to be your father). Why would the new owner deed it back to you???

    Quote Originally Posted by bobingeorgia
    By the way when I told them my name they just assumed I was my father. I guess thats what he did. But there was a change from Jr. to SR. back then
    I see no evidence that anything was done wrong, here, unless there is more to the story. We've been getting the story in bits and pieces - I don't know if that's because you fully don't comprehend what went on, or you want to hide bits of pertinent information from us.
    Last edited by LindaP777; 02-28-2006 at 09:42 AM.
  12. #12
    bobingeorgia is offline Member
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    I apologize if the story was not clear It appears it was not.



    The sheriffs sale has already happened. The bank bought it back. Now the bank is in the process of evicting me. I wanted to do EXACTLY what my father did back in 1999 which was to buy the house from the bank for the price of the defaulted mortgage plus fees. They said no because they could ONLY deed it back to my father and I would have to move out and then buy it.

    If thats the way it is...OK. I just wanted to know how they did it back in 1999 but they wont do it now. If it's not the law and just their choice I understand that. I'm out of luck.


    There is no point in me hiding anything at all because you dont know me and if I want help then I better give up all the details.

    I sincerly thank you though.
  13. #13
    bobingeorgia is offline Member
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    Quote Originally Posted by LindaP777
    Got it.



    Has it already gone to the sheriff's sale? The bank bought it back? Sometimes the banks will not deal with a buyer, but have a procedure they follow for selling it through a Realtor. Don't be surprised if they won't deal with you prior to the Realtor. You, indeed, may have to vacate the premises.

    Bingo!!! Thats exactly what I wanted to know. I understand now. There is no law it's just this banks procedure. Cool. Your a big help
  14. #14
    LindaP777 is offline Senior Member
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    Quote Originally Posted by bobingeorgia
    The sheriffs sale has already happened. The bank bought it back. Now the bank is in the process of evicting me. I wanted to do EXACTLY what my father did back in 1999 which was to buy the house from the bank for the price of the defaulted mortgage plus fees. They said no because they could ONLY deed it back to my father and I would have to move out and then buy it.
    As the bank is the owner, they can do what they want. No law to make them sell it to you (or anyone else). Sounds like they made up their mind to put it on the market through the Realtor they have a contract with.

    Quote Originally Posted by bobingeorgia
    If thats the way it is...OK. I just wanted to know how they did it back in 1999 but they wont do it now. If it's not the law and just their choice I understand that. I'm out of luck.
    Sorry, sounds like you're outta luck.


    Quote Originally Posted by bobingeorgia
    I sincerly thank you though.
    You're welcome.

    BTW - It's hard for me to comprehend that your dad did all of this and now has a "foreclosure" on his record to boot, just for a little revenge? He had to lose money in the deal and now his credit is shot.
  15. #15
    bobingeorgia is offline Member
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    Quote Originally Posted by LindaP777

    BTW - It's hard for me to comprehend that your dad did all of this and now has a "foreclosure" on his record to boot, just for a little revenge? He had to lose money in the deal and now his credit is shot.

    Yes, I know that is diffuclt to understand but my bio-father is retired, a multi millionare and has no need for credit. He is set in his ways and will seek revenge when he does not get his way. He cut my sister off 12 years ago cause she married a dude he did not like.

    Since this turned out to be a landlord/tenent deal after all I dont understand why he did not just evict me and sell the property for a pretty decent profit as there was around 100g's worth of equity. It looks like I was being set up back in 2001 When he got the mortgage. I'm pretty sure he did not need the cash. He lost nothing on this deal. He bought the house cash for 160k. Got a mortgage for 175k and collected "rent" from me for 7 years at 1400 a month or over 117,000. PLUS I PAID TAXES, INSURANCE AND MADE ALL REPAIRS TO THE HOUSE. wow. I'm kinda sick now.

    I stopped trying to understand him long ago. This may be a good thing for me afterall.
    Last edited by bobingeorgia; 02-28-2006 at 10:09 AM.

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