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Old 02-03-2010, 05:15 PM
 
56 posts, read 71,321 times
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I am being told that in some states a person that loses a house to foreclosure can buy it back from the new owner for the price the new owner paid for it. I am told that as long as it is within one year of the date of foreclosure the previous owner can buy it back and the new owner has no choice but to accept it. This sounds crazy to me but the person that is telling me this works in a profession that would know.
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Old 02-03-2010, 05:41 PM
 
1,316 posts, read 1,462,356 times
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Quote:
Originally Posted by xyz789 View Post
I am being told that in some states a person that loses a house to foreclosure can buy it back from the new owner for the price the new owner paid for it. I am told that as long as it is within one year of the date of foreclosure the previous owner can buy it back and the new owner has no choice but to accept it. This sounds crazy to me but the person that is telling me this works in a profession that would know.
It's called Right of Redemption and as you noted it varies greatly state by state. The passage below figures prominently because more than half the states in the US are deed of trust states.
Quote:
The right of redemption is purely statutory. This means that there has to be a specific law providing for the right. If there isn't a statute, there is no right.

If your house is sold under a deed of trust, the sale is done through the power of sale clause contained in the trustee’s deed. With the trustee’s sale, you lose your right to make any claim on the property and there is no right of redemption.

Right of Redemption

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Old 02-03-2010, 06:01 PM
 
56 posts, read 71,321 times
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Thanks Tony.
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