Posted on: 27th Mar, 2010 08:08 am
bank purchased the home at auction for 1/4 of the balance we owe. I've been told that I can redeem my home by paying that 54k that the bank bid at auction. Do I also have to pay the balance of the mortgage or is that gone at this point?
In other words, can I purchase my home free and clear for the amount that the bank bid at auction?
In other words, can I purchase my home free and clear for the amount that the bank bid at auction?
Hi mn,
During the redemption period you can buy the property back, given you pay a certain amount of money. It is up to the lender how much they want you to pay them for purchase of the property. Generally, the borrower has to come up with the remaining balance on the mortgage plus the foreclosure costs, attorney fees, etc. to redeem the property. I think you should talk to the lender in this regard to check out how much money they want you to pay.
During the redemption period you can buy the property back, given you pay a certain amount of money. It is up to the lender how much they want you to pay them for purchase of the property. Generally, the borrower has to come up with the remaining balance on the mortgage plus the foreclosure costs, attorney fees, etc. to redeem the property. I think you should talk to the lender in this regard to check out how much money they want you to pay.