Have You Purchased Redemption Rights From A Seller Before
I am curious to hear if anyone has contacted the homeowner after the foreclosure sale and acquired/bought the homeowner's redemption rights?
If you have done this can you provide the steps that you used to do so? In Colorado there is a 75 day redeption period.
From my understanding I believe that this can be done by getting a Quit Claim deed from the homeowner - however, I am not positive and would like to hear from others.
thanks
Stefanie
I am looking to do this currently and I understand it can be done by getting a limited power of attorney over the property, authorization to release mortgage information, and a quit claim deed.
I am looking into whether or not a warranty deed would be available as I would prefer to get that.
I would assume the POA and authorization would be helpful as it would speed up the process of finding out how much to pay and to whom. This probably isn't necessary.
GOOD LUCK