I Want To Buy The Right Of Redemption- Are There Generic Forms For This?
I bought a house in NM. It was a forclosure home that was included in a bk. The home owner said they would sell me the rights of redemption. Are there forms out there that I can use? Do I have to write up my own papers? Is there a way the papers should be writen up?
I don't believe that you actually buy the redemption rights on the property. Rather what you do is take posession of the property by giving consideration to the homeowners and getting a deed and limited power of attorney over the property. You are then able to send funds to the mortgage company on behalf of the borrowers and receive a release of lien.
Make sure you do your due dilegence before you take title and a CYA letter might be an order.
I am looking into this same thing right now. Let me know via pm how things work out!