Foreclosure home - right of redemption (sale, mortgage, attorney)

[bhamresident]

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.

[johnrex62]

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.

[bhamresident]

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...

[Back Again]

Originally Posted by bhamresident

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.

[harry chickpea]

I'm pretty sure we had a thread here where I covered it and a possible gotcha. Do a search.

[Keeper]

I think this is it

http://www.city-data.com/forum/birmi...on-rights.html