Posted on: 22nd Feb, 2010 11:58 am
If my home went to sheriff sale and at the time on the 1st loan i owed 700k. The bank only bid 300k at the sheriff sale. Since I have six months to redeem, if i pay them teh 300k, do i still owe the balance of 400k or is that erased per the bid at the sheriff sale. please help
Hi homeowner,
During the redemption period you can buy back the property, provided you pay off the outstanding balance on the loan plus the foreclosure costs and interest charges. Thus, I don't think you can buy the property on payment of only $300. If you wish to redeem the property, you can talk to the lender. He may forgive certain portion of the outstanding debt and you may not have to pay the full amount of $700 to the lender to purchase the property.
During the redemption period you can buy back the property, provided you pay off the outstanding balance on the loan plus the foreclosure costs and interest charges. Thus, I don't think you can buy the property on payment of only $300. If you wish to redeem the property, you can talk to the lender. He may forgive certain portion of the outstanding debt and you may not have to pay the full amount of $700 to the lender to purchase the property.