You'll want to make any bid for a home contingent on a thorough inspection from someone familiar with foreclosed properties.
You are considered a high risk for lenders, and in most cases, they are not allowed to sell a mortgage to someone who just foreclosed on a home.
"It's always kind of in the back of your mind that someone is going to foreclose on your house," he said.
It is rooted in property law, where protections were put in place to make sure that only a legitimate mortgagee had the legal authority to call the sheriff and foreclose on someone's home.
"Even if you do have to foreclose on someone, you can do it with a certain amount of compassion and humanity," Soboleski said.
"I've checked online," she said, "and it says it was foreclosed and someone was going to turn it into a rehab location place for drug addicts and alcoholics.
Since the housing market crashed in 2007, thousands of foreclosed homeowners have complained that their mortgage company made a mistake in the management of their home loan, such as foreclosing on someone making payments on a loan modification plan.
"I never wanted to foreclose the opportunity for someone to come in at the last moment," he said.
If you are facing foreclosure, let the bank foreclose and sell to someone who can pay the loan back.
"I think someone who owns stock in a place that forecloses on Floridians has a lot of gall to start raising the issue," Mr. Gingrich said.
