Is it possible to get the present owner to waive or cancel his redemption period? If s, do we move right into the forclosure process ? Thanks in advance.
I am not sure about NJ, but I know in places like Alabama after a property has been foreclosed on, the prior owners have a Statutory 1 year right of redemption from the date of the foreclosure sale. UNLESS Notice is placed either to the residence or to the prior owners stating that they are to vacate the property in 10 days otherwise they Forfeit their Statutory right of redemption.
Alabama State code: §6-5-251
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FPGinc--(NJ)---------------
This is, in my opinion, a legal question and you should get your answer from an attorney or reading the state laws on the topic.
I am not an attorney. However, that does not stop me from spouting off my opinions.
If you can get a deed from all the owners of the property, you would not have to do a forclosure.
If there are liens being wiped out by the tax sale, then you probably would not want to do this.
Good Investing***********Ron Starr************
I am not sure about NJ, but I know in places like Alabama after a property has been foreclosed on, the prior owners have a Statutory 1 year right of redemption from the date of the foreclosure sale. UNLESS Notice is placed either to the residence or to the prior owners stating that they are to vacate the property in 10 days otherwise they Forfeit their Statutory right of redemption.
Alabama State code: §6-5-251
****Must Reach Freshman Investor status before posting URL's***