Redemtion Period?land Trust?can I Do It?
I found a property that just sold in the auction however we all know there is a redemtion period,in my state that period is 10 days,i talked to the home owner and he is willing to accept to put it in a trust and call the bank to make the back payments,my question is can one put a property in a trust during the redemtion period after it sold at the auction?
Yes.
But I suspect that your redemption arrangements need to be made with the court not the bank.
Thanks Ruman for your response. The court date is 26th April, do we have time for the short sale, I heard the short sale usually takes long time. Please comment...[ Edited by gsumk on Date 04/11/2005 ]
What is the After Repair Value (ARV)? You most likely will not get a short sell done in two weeks.
Brenda
I agree two weeks is a short time for a short sale. However, you are in Illinois, a judicial foreclosure state. Is the property also in Illinois? Has the defendant exhausted his legal remedies? Its almost always possible to get a 30 day extension under one legal manover or another in a judicial state.
Quote:
On 2005-04-11 08:30, commercialking wrote:
I agree two weeks is a short time for a short sale. However, you are in Illinois, a judicial foreclosure state. Is the property also in Illinois? Has the defendant exhausted his legal remedies? Its almost always possible to get a 30 day extension under one legal manover or another in a judicial state.
The house is also in Illinois. So according to you the defendant can extend it to 30 days. The owner of the house can get back to bank to postpone the court date? Please help.
Also the ARV of house is 280K.
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[ Edited by jfmlv1950 on Date 04/11/2005 ]
John $Cash$ Locke. Just a totally biased opinion from a "not too busy yet" professional. His course and this website should be all you need.
kimesha,
Thank you, really.
John $Cash$ Locke
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