Foreclosure ROR
What happens to a home that is foreclosed upon and the original owner exercises their ROR? What happens if the home has been sold to an individidual? Does the new owner have to relinquish the property? Is the new owner reimbursed any monies spent toward that property? Is the new mortgage cancelled? How does this work?
in Alabama
The redemption statutes can be found in the Code of Alabama, Section 6-5-247 through Section 6-5-257. These code sections set forth all the details.
http://www.legislature.state.al.us/codeofalabama/1975/123825.htm
After you read it, perhaps you can provide a summary?
They are probably in the redemption period. Soon as that time has passed they will be listed. But right now you are the insider. So you need to find out who is the trustee for the property and put in your offer early.
You might get the deal if youre the first one out of the box.
Off to the races.
Hi,
Not surprisingly, it takes a long time for banks to list REO. Many times,this is because of the nature of the bank and has little to do with an foreclosure laws. Go figure.
Generally, the bank will tell you it only sells the houses once they are listed through one their approved REO Agents.
It does NOT make any difference to them if you can explain the many benefits of selling the house directly to you.
Bruce
I looked at a pre foreclosure property and decided it was upside down. It went to foreclosure 1st wk in may and I have not seen it listed. It is in Minnesota. what is the redemption period for MN? GMAC cannot list or sell it until the redemption period is over?
http://www.foreclosureuniversity.com/studycenter/foreclosurelaws/minnesota.php
In Minnesota, a borrower usually has a six-month redemption period, but some property types and mortgages allow for a 12-month redemption period. During this time, the borrower can redeem the property by paying the total amount of the bid plus interest and any applicable costs.
The #1 employer in MN? government. ugggg Does that tell you anything?