Option On Redemption Rights?
I was just reading another post that was speaking about 1 year redemption rights to people that lose their homes in foreclosure in California, and that fact possibly restricting the buyer/investors ability to ethically resell the property prior to the expiration of that redemption period.
While reading that question, I wondered if it would be legal for the foreclosed party to assign, sell, or contractually option those rights to a third party. In this case specifically, to the investor that bought the foreclosure property.
If it's legal, it could be worth it to the investor to approach them about this, and offer them some cash today to make this problem go away.
Anyone tried this? Is it legal?
Opinions please,
Jeff[ Edited by jeff12002 on Date 01/27/2004 ]
In Mn, we have redemption rights as well. I can not speak to other states, but in the 6 month redemption period here, the homeowner can sell their home or pay the mortgages off. Paying the mortgage current is not an option.
I understand that much. Could they give or sell that right to someone else?