Redemption Period in RI
I'm trying to determine wether or not I want to add pre-foreclosures and short sales to my repertoire. I have read that RI has a redemption period up to 3 years by filing a lawsuit. What does this mean? Does this make pre-forclosures a more difficult strategy to work with? I have to admit, I am not familiar with this method of investing and don't know for sure what effect this redemption period would have. I intend on joining the class this evening, but would also appreciate a response to this question. Thanks all.
-Tony
wow 3 years sounds way to long.call a attorney out of the yellow pages and ask, i do all the time and its free.here in minnesota its 6 months and a few are 12 months.i have one that is 12 months so the owner is in no hurry.wow 3 years thats sounds crazy good luck. \\sack iraq//
It really does sound crazy. I got my information from the appendix of Bill Bronchick's book, "Flipping Properties".
I'm gonna try to get a final answer from a local attorney, but I would also appreciate any other insight from the members of this site.
There are three types of foreclosure proceedings "on the books" in Rhode Island, but the one Bronchick makes reference to, "foreclosure by entry and possession" which seems like some sort of a hybrid, adverse possession process, and carries a 3 year Right Of Redemption, isn't used in the State.
Other than that, there is no Right of Redemption in Rhode Island.
Oops. Except an IRS lien which carries a 120 day ROR.
Question on redemption period. I intend to send out some pre-foreclosure letters this week, so I need to get this straight. If you are in contact with a homeowner, are able to make them an offer, which is accepted, and begin to close the loan. They could possibly come up with the money to catch up and pull the deal from you? Or, with a purchase/sale agreement, is it a done deal? Thanks!
Im sorry guys but whats a redemption period???
Gary
For lack of a better explanation redemption is the owners right to get control of the property back regardless of who the new buyer/owner is
Something along those lines big G[ Edited by Future-Multi-millionare on Date 03/27/2003 ]