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| Buying Back Your Repossessed Homes |
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| Written by Julie Thompson |
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When your home is under foreclosure you have plenty of time to save up a very large chunk of money for a down payment on a house. Some borrowers have up to a year of free rent on their repossessed homes before the house even goes to the auction. All you need is 5% - 10% of a down payment on a home to get a loan. This is more than enough time to get a down payment together to buy back your home. One thing to keep in mind is that some lenders are capable of attaching the difference of your foreclosure onto your home as a lien. When you buy back your home it is usually best to do it in your spouse’s name. Never buy a home in both of your names. Purchase the home in your name and if you foreclose then you can buy the home back in your spouse’s name for half the price. This really works and can save you a lot of money on a home and give you instant equity. Julie Thompson |
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