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Old 03-12-2009, 04:46 PM
 
3 posts, read 31,506 times
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Does anyone know what is involved in getting the right of redemption from the previous owner when buying a foreclosure home? Do we need an attorney?

Just thinking of buying a home that is on sale by the bank and for the piece of mind, I think it's better to get the redemption rights with you before making an offer.
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Old 03-12-2009, 04:50 PM
 
Location: Rural Central Texas
3,555 posts, read 8,554,003 times
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It depends upon the type of forclosure. I don't think a purchase money deed has a right of redemption, at least not in Texas.....guess it could be different elsewhere. Where is this propertly located, maybe some local knowledge could identify some peculiarity to that vicinity.

In the case of a tax forclosure, where I am pretty sure right of redemption is standard almost everywhere, a simple quit claim deed would suffice and would only cost recording fees and whatever you can negotiate with the person you wish to relinquish any claim.
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Old 03-12-2009, 04:54 PM
 
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Thanks. the house is located in birmingham area (AL) and the listing says right of redemption applies. Looks like previous owner was not able to pay mortgage payments...
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Old 03-12-2009, 06:30 PM
 
Location: In the Greater Birmingham area
350 posts, read 1,096,920 times
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Quote:
Originally Posted by bhamresident View Post
Thanks. the house is located in birmingham area (AL) and the listing says right of redemption applies. Looks like previous owner was not able to pay mortgage payments...
In the state of Alabama, a foreclosed homeowner has 12 months from the day of foreclosure to redeem his/her property.

The attached link is probable more then you will ever want to know about the Alabama Right of Redemption laws - http://alisondb.legislature.state.al.us/acas/ACASLogin.asp

Moderator cut: soliciting

Good luck.

Last edited by Keeper; 03-13-2009 at 07:35 AM.. Reason: too much like advertising
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Old 03-14-2009, 12:10 PM
 
Location: Somewhere in northern Alabama
15,605 posts, read 47,253,958 times
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I'm pretty sure we had a thread here where I covered it and a possible gotcha. Do a search.
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Old 03-15-2009, 07:54 AM
 
13,773 posts, read 31,586,325 times
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I think this is it

Foreclosure and Redemption Rights
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Old 01-08-2010, 05:14 PM
 
3 posts, read 18,254 times
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Can anyone help me and let me know if they can foreclose on a house after 30 days
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Old 01-08-2010, 09:29 PM
 
Location: In the Greater Birmingham area
350 posts, read 1,096,920 times
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Quote:
Originally Posted by dcap5 View Post
Can anyone help me and let me know if they can foreclose on a house after 30 days
OK, Im going to assume here that you mean 30 late in payment.

YES they can, just remember the golden rule ~ those with the gold, makes the rule.

Now I said yes they can, but chances are they wont, they will wait about 90 to 120 days. Your best bet is to not ignore your late payment and CALL your lender and talk with them to check all your options. Most lenders will now work with you somewhat.

GOOD LUCK!
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Old 05-20-2010, 03:15 AM
 
1 posts, read 4,564 times
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Question. Do financing exist for home owners with only a redemption right after the sale. I'm in the 30 day phase and need 125000 quick to redeem . Do banks do this type of deals? State of Illinois
Need to know right away. I'm looking at options beside moving.
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Old 07-26-2010, 04:31 PM
 
1 posts, read 4,190 times
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I recently purchased a building and land at an auction from the bank. This building/land had three separate foreclosure prices, but it was being sold as a whole at a single price. Shortly after purchasing, I received mail of an individual wanting to redeem the property. In order for him to redeem this, what must he pay? The separate foreclosed prices, or the lump sum I paid for this. The one year expiration is August 10, 2010 so I am needing to know my rights as soon as possible. I have went through three attorneys that have not been able to help due to them saying it is a rare occurrence. I was hoping you could give me some assistance on the matter. He is also disputing the improvements. Since he is disputing, will the matter be dropped if it continues past August 10, or will the case be extended?
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