Foreclosure redemption period

Foreclosure redemption period

Hello,

I recently read BARM and have signed up for the mentoring program. I look forward to learning all that I can from the pro's here and I hope to be welcomed into the DG family.

In searching for REO's, I've found several properties listed as "foreclosure" using RealtyTrac telling me "this property may be under a redemption period". So, I've searched the www for a list of redemption periods for specific states without luck. Does anyone here know of a website or a list showing each state's foreclosure requirements and redemption periods?

I'm a newbie so please be gentle!

Thanks for your help!

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Redemption Period

Hi Sasquatch!

Welcome to a new beginning. May I call you Sas?

The redemption period is the time period that the mortgagee has to redeem their past due payments or resolve (pay off) the mortgage. It's generally (at least in MI) 6 months from the date of a Sheriff's auction unless the property is deemed abandoned. Then the redemption period drops to 30 days. Be aware that the mortgagee can rescind the sale by resolving the mortgage, at which time the buyer will be refunded the winning bid amount plus any interest accrued between the sale and the date it's rescinded.

Hope this helps.

Dan


RE: Redemption Period

Hey, thanks for the kind reply. You can call me almost anything you want... Just don't call me late for dinner LOL

I understand what the redemption period is. What I need is an updated list for each state. The list which is available on this forum appears to be outdated as I have found out by checking just a few of the states listed.

If anyone has a list available, this would be great!

I look forward to working with everyone on this forum.

Thanks!

Danhassett wrote:
Hi Sasquatch!

Welcome to a new beginning. May I call you Sas?

The redemption period is the time period that the mortgagee has to redeem their past due payments or resolve (pay off) the mortgage. It's generally (at least in MI) 6 months from the date of a Sheriff's auction unless the property is deemed abandoned. Then the redemption period drops to 30 days. Be aware that the mortgagee can rescind the sale by resolving the mortgage, at which time the buyer will be refunded the winning bid amount plus any interest accrued between the sale and the date it's rescinded.

Hope this helps.

Dan


Try this for State Redemption Periods and Procedures

Here's a good chart at RealtyTrac. There is also one in chapter 16 of "Be A Real Estate Millionaire" on pages 216-217. (I'm not sure which would be most current.)

http://www.realtytrac.com/foreclosure-laws/foreclosure-laws-comparison.a...

Hope that helps.

Rina

__________________

"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)

"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11

For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249


RE: Redemption Period

Thanks Rina. I have seen both lists, but they appear to be outdated. I've contact a few agents for specific properties only to be told they are not yet available per the redemption rules in states which each list says does not have any redemption period. I'll just have to contact each state I wish to deal with to get the current information. No big deal.

Thanks for all your help.

Rina wrote:
Here's a good chart at RealtyTrac. There is also one in chapter 16 of "Be A Real Estate Millionaire" on pages 216-217. (I'm not sure which would be most current.)

http://www.realtytrac.com/foreclosure-laws/foreclosure-laws-comparison.a...

Hope that helps.

Rina


That's probably the best

That's probably the best idea. Even when you do know the state procedure, I think it can vary. Like WI has a redemption period of 365 days, BUT a sale can be confirmed by the court before that. Also, I don't think they can even advertise the sheriff's sale here until many months of the redemption period have already passed. The long redemption period in a way is a pain, but it can be useful in giving one time to work with the owner that's in foreclosure.
And I think there are different rules for abandoned properties, too.

So, I agree, checking into the specific state you're interested in is a good idea.

Rina

__________________

"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)

"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11

For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249


Agreed

I agree fully. What I don't understand is why a property is listed as "Foreclosure" yet it has not even completed the foreclosure process. Is this not a "pre-foreclosure" if it is in a redemption period? Anyway, this is nothing to sweat over. I've much to learn and much to give when I can.

Oh and check out my post under "My Deals". You won't believe it but I'll give you a hint... Free house for me and me alone to do with what I want...

Thanks for your help.

Rina wrote:
That's probably the best idea. Even when you do know the state procedure, I think it can vary. Like WI has a redemption period of 365 days, BUT a sale can be confirmed by the court before that. Also, I don't think they can even advertise the sheriff's sale here until many months of the redemption period have already passed. The long redemption period in a way is a pain, but it can be useful in giving one time to work with the owner that's in foreclosure.
And I think there are different rules for abandoned properties, too.

So, I agree, checking into the specific state you're interested in is a good idea.

Rina


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