Re: Evelyn Wood can’t help … - Posted by eric-fl
Posted by eric-fl on January 18, 2001 at 10:43:35:
What’s a “redemption period”? Sounds like a lender-contrived limit to me. The only point at which a foreclsosure is beyond redemption is after the house is sold at auction, and not even then in some states (I think it’s called right of recission. Owner can reverse sale within a certain period of time.) Now, whether the lender is even still willing to negotiate is another matter, but there’s no legal reason I’m aware of that a default can’t be cured. After all, it’s up to the lender to enforce their own contract, and one would presume almost any lender would rather have cash in hand than a stick in the eye.
You definitely need to “fill in the blanks”, though. The major thing to find out is if their are any OTHER liens attached to the property, besides the mortgage. People don’t typically stop paying the house payment, but nothing else. In fact, the house payment is usually the LAST thing to stop getting paid. Before you spend all day cramming up on foreclosures, find out if there is any equity to work with in the first place.