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My husband purchased this property two years ago. After the first month, I was diagnosed with Grave's and had to leave work for a while while I had treatments done. During this time(a year and a half ago), he fell behind on payments due to medical cost, and recently mortgage company demanded $14,000 to reinstate the loan. He only had $9000,which they refused, so they proceeded to foreclose on the home. According to the trustee, they acquired the property at the auction. What I'm wondering is this: can I use that $9000 as a down payment to purchase it as a REO? Does anyone know if you have to finance through the company that holds the property, or if you can use any financing company? Would there be a problem with having the wife and cosigner buying the property that was foreclosed on for the husband? Any help would be greatly appreciated!
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