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About Eric Forster
Expertise
Did your last mortgage broker or lender trick you into a messy situation which could cost you your home? I've been close to 30 years in the mortgage industry, and I've seen it all. Believe me, it is not pretty. As the owner of a mortgage company I am called frequently to testify as an expert witness in mortgage fraud cases and other cases where lenders did not fully disclose the terms of the loans they were offering to the borrowers. I have seen fraud being committed by borrowers - and by lenders. It's a tough world out there.

Experience
More than 25 years in loan production and underwriting in Southern California.

Organizations
Mortgage Bankers of America (Southern California Chapter)

Publications
Former columnist for AOL Financial Center and the author of a mortgage primer.

Education/Credentials
MBA (Finance)

You are here: Experts > Shopping > Home Buying/Selling > Real Estate Home Mortgages > foreclosure purchase

Real Estate Home Mortgages - foreclosure purchase

Expert: Eric Forster - 9/21/2009

Question
I wanted to try and find out if signing a lease purchase contract is a possible way to stop foreclosure. We found a house that we are interested in, it is in the process of being foreclosed on. We don't have the money saved up yet to get financed. Would this type of contract stop the foreclosure process?

Thank you for your time!

Answer
Kristen,

Once the foreclosure has started, only the forecloser (the bank) can stop it. You can contact the bank once it has completed the foreclosure and see whether they are interested in letting you have it on a lease-option (they might).

But while the foreclosure is going on, there is no chance that they will entertain the idea of stopping the foreclosure - and there are quite a few legal reasons for that.

All the best,

Eric

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About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here