Posted on: 03rd Jun, 2010 03:23 am
I am purchasing a foreclosed home. The lender is requesting that I pay a redemption right "bond" b/c I am borring 12K more than was owed on the property.. Is it my responsibility to pay that additional fee??
You will get a mortgage depending upon the value of the property. If the property value is $12k more than what was owed on it by the previous borrower, then you can take out a loan of that amount. I don't think you need to pay an extra fees for that.