Posted on: 22nd Sep, 2009 09:15 pm
is there a law that dis-allows previous owners to buy back their forclosed listed property?
[System detected duplicate content; converted into image. Thanks.]
Hi genesis,
I don't think there is any law that disallows a borrower to buy back the foreclosed property. The borrower can definitely buy back the property, provided he can pay off the outstanding balance as well as the foreclosure-related costs incurred by the lender. In fact, in most of the states there is a redemption period, allowed to the borrower, during which he can redeem his property on payment of a certain amount of money.
I don't think there is any law that disallows a borrower to buy back the foreclosed property. The borrower can definitely buy back the property, provided he can pay off the outstanding balance as well as the foreclosure-related costs incurred by the lender. In fact, in most of the states there is a redemption period, allowed to the borrower, during which he can redeem his property on payment of a certain amount of money.