Florida Right Of Redemtion
I am not sure if this question belongs here but here goes anyway.
I have a SS going and in case the lenders do not deal, and I buy the Right of Redemtion from the homeowner before it gets to the courthouse steps, what is the process to buy the house back?
Lets say there is a 100K first, 20K second, and a 20K third. House needs 25k in repairs, AVR is 165K. First mtg buys the house back for whatever the judge determines, (lets say 130K) number 2 and 3 do not bid and therefore get wiped out off the property.
What do I do as the owner of the Right of Redemtion? What is my cost? etc?
Thank you
After the Sale is conducted, the Clerk is required to "promptly file a certificate of sale". The mortgagor or junior lienholder(s) must redeem the property prior to the filing of the certificate of sale. Otherwise, there is no right of redemption.
To redeem, you would have to payoff the first mortgage, any seconds, and judgments.... and in many jurisdictions, the Sheriff's fee or Trustee's fee, as if the Sale had not ocurred.
I see, so the full mortgage of 1st, 2nd, and 3rd would have to be paid.
Thank you SSP
To be certain.... a call to the Sheriff or Trustee would be in order... they'll usually be able to cite chapter and verse with repsect to redemption rights, or lack thereof.
[addsig]