Buying Redemption Rights For The Owner?
Here in my state we have a 12-month “Right of Redemption” period on foreclosed properties. I have an owner that has been foreclosed on but wants me to help her anyway I can. If I purchase the rights, buy the house from the lender; does this remove the debt from her credit?
The house has about $30k in equity with minor repairs as best.
If so, how is this handled?[ Edited by 205JUNKERScom on Date 11/26/2004 ]
Buying Redemption Rights Form the Owner will not remove the negative foreclosure information from her credit records unless negotiated with the lender to make the correction.
[addsig]
I believe the only way to redeem using the homeowner is for them to quit claim the property to you and then you redeem as the owner; keep in mind all junior liens, judgments and other liens still attach.
In this case I'd recommend finding a small judgment she may have out there and buy the judgment, then redeem as a junior creditor.
Either way if the sale has happened their credit is marked unless the lender somehow agrees to remove it (which is unlikely).
Good luck -