Buying Redemption Rights For The Owner?

Here in my state we have a 12-month “Right of Redemption” period on foreclosed properties. I have an owner that has been foreclosed on but wants me to help her anyway I can. If I purchase the rights, buy the house from the lender; does this remove the debt from her credit?

The house has about $30k in equity with minor repairs as best.

If so, how is this handled?[ Edited by 205JUNKERScom on Date 11/26/2004 ]

Comments(2)

  • JohnMichael26th November, 2004

    Buying Redemption Rights Form the Owner will not remove the negative foreclosure information from her credit records unless negotiated with the lender to make the correction.
    [addsig]

  • alarson7th December, 2004

    I believe the only way to redeem using the homeowner is for them to quit claim the property to you and then you redeem as the owner; keep in mind all junior liens, judgments and other liens still attach.

    In this case I'd recommend finding a small judgment she may have out there and buy the judgment, then redeem as a junior creditor.

    Either way if the sale has happened their credit is marked unless the lender somehow agrees to remove it (which is unlikely).

    Good luck -

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