Redemtion Period
If I were to buy a froclosure who controls the property when there is a 6 month redemtion period. the current owner has a forclosure sale in november. Then once the house sells he has a 6 month redemption period . If i were to buy this house would he still have control??
In this case, the owner still lives there the whole time. You are basically assuming the mortgage for 6mos, and the buyer can repay the loan, with interest and take their house back. If they do exercise that option, their other leins stay in place (2nd mortgages, etc). So you cannot buy the Right of Redemption from them and execute it without also taking on those other leins.
I am the tenant living in the house and he is my landlord. would you know what my rights are if I did not not buy the property and would the new owners have to uphold my lease or do I continue to pay rent to the landlord who is in the redemption period after the sherrif sale? Do I have any rights?? Also would I be better Off working a deal with the bank before the sherrif sale if I wished to purchase this house?
[ Edited by jes25 on Date 10/26/2004 ]
In our state, tenants have a right of redemption which means if the homeowner does not redeem the property after the sale, you can step in and pay off the amount owing to the holder of the sheriff's certificate and take title. You do need to file a NOI here, though, in certain time periods so ask an attorney or read your laws.
Now the problem - financing. If you don't have cash, you have to find a way to pay off the holder of the SC. I'd say apply for a mortgage and go that route.
Good luck.