Posted on: 12th Jul, 2010 09:01 pm
trying to find out what the guidelines are on right of redemtion after your house was just forclosed on. I was told I have 30 days,what else??I have help from a family member to back me financialy,.Does the new owner have to sell it back to me?
Hi nrt!
Welcome to forums!
You need to check out whether or not your state allows the right to redeem the property after a foreclosure sale. If yes, then your lender will let you know the time period within which you will have to buy back the property from the lender. If you can pay back the dues, then the new owner will sell off the property to you.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You need to check out whether or not your state allows the right to redeem the property after a foreclosure sale. If yes, then your lender will let you know the time period within which you will have to buy back the property from the lender. If you can pay back the dues, then the new owner will sell off the property to you.
Feel free to ask if you've further queries.
Sussane
You should take your loan contract and any other paperwork you have received from the lender and consult an attorney to find out what your legal rights are. It may be possible to redeem the property but your loan contract should state what is necessary. A qualified attorney can explain to you exactly what you can and cannot do.
Remember that only an attorney can dispense legal advice.
Remember that only an attorney can dispense legal advice.