Possible good deal
Hi all. Can someone give me some info/help on a possible opportunity?
First, if someone's property is in foreclosure and is sold at an auction. The redemption period is 6 months. Does the foreclosure go on their credit report as a foreclosure or a foreclosure pending until the redemption period expires? In either case, will the foreclosure be removed off of their credit report if they redeem it before the redemption period expires? I'm located in Michigan.
Second, how does that affect the position of the person who bought the property at the auction?
The reason for those questions it that, I got a response from a property owner who is in foreclosure. The property was bought at the auction but the redemption period hasn't expired. She is willing to sell me the property only if I can pay off the balance, give her a "few bucks" and assure her that the foreclosure will be removed from her credit history. I would appreciate some step-by-step guidance on this possible deal. Thanks for the help.
"and assure her that the foreclosure will be removed from her credit history"
What's done is done. The foreclosure ocurred. It will only be removed from her credit history report with the passage of time. Seven to ten years.