Paying off the lien holder will not make this go away!
If this goes to foreclosure the present owner has the right to redemption of the property for 6 months if purchased after 1965.
which means you make repairs and they get all repairs for nothing if they or an enterprising attorney friend decide to make a fast buck!
[addsig]
Not sure I understand the question. You will have to pay off all liens in order to keep the lender from taking the property back at the end of the 6 months. A little more specifics as to what you are trying to accomplish would help.
I'll try to be more specific.. When a person goes into foreclosure, you buy the property from ****Must Reach Senior Investor status before posting URL's***hey have 6 months redemption period to reclaim their home back. 4 months into redemption, can you buy out their right to reclaim the property back? Hope that is a better way to put it..
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Pay off the lendor that foreclosed and the redemption period will go away!!
Paying off the lien holder will not make this go away!
If this goes to foreclosure the present owner has the right to redemption of the property for 6 months if purchased after 1965.
which means you make repairs and they get all repairs for nothing if they or an enterprising attorney friend decide to make a fast buck!
[addsig]
Good point on success!! Thanks for the comments.. Then I guess there is no way to get around the redemption period...
Not sure I understand the question. You will have to pay off all liens in order to keep the lender from taking the property back at the end of the 6 months. A little more specifics as to what you are trying to accomplish would help.
Tom
Some cases the redemption period is 12 Mo.s whether or not b4 1965.
You need to check this in the last paragraph of the Lis Pendens document filed on a particular property to know the exact length.
Hope this helps!
Derrick Ali
I'll try to be more specific.. When a person goes into foreclosure, you buy the property from ****Must Reach Senior Investor status before posting URL's***hey have 6 months redemption period to reclaim their home back. 4 months into redemption, can you buy out their right to reclaim the property back? Hope that is a better way to put it..
You can purchase their redemption rights. You still need to get funding to pay off the original liens even with the redemption rights.
Tom