Posted by JD on February 27, 2002 at 12:14:45:
The reinstatement period is before the sale. The owner retains all rights to the property during the redemption period. There is nothing you can do to save the owner’s credit after the sale, but that dosent prevent unscruppulous investors from promising that anyway. There would be very little benefit of a subject to deal after the sale.
Foreclosure Question - Posted by Phil (CO)
Posted by Phil (CO) on February 27, 2002 at 11:46:11:
I’m confused about the foreclosure process. I live in Colorado and have access to foreclosure lists.
One of the lists is for properties that have been “sold”. After the sale there is a 75-day redemption period.
This is where I’m confused. I thought the redemption period was before the sale, not after. Apparently if the property is not redeemed during this period, the home goes to the successful bidder (usually the bank).
So, who is in control of the property during this redemption period? If it’s the owner, is it too late to rescue their credit - if so, they probably aren’t too motivated. I also assume that it’s too late to work a “subject to” deal since the property is “sold”.
If the owner can still be rescued, I’m not too concerned about “subject to” (althought I’d prefer it), because financing shouldn’t be a problem. I’m hoping there is still opportunity at this point.
Re: Foreclosure Question - Posted by Corey ND
Posted by Corey ND on February 27, 2002 at 12:50:17:
Phil,
In ND where I live there is a equitable right of redemption and a staturary right of remdemption.
I can’t remember which is which but one is before the sale the owner can pay the mortgage current and keep the property. The second is the owner can obtain new financing and pay off the original mortgage and keep the property. This can be done up to 6 months after the forclosure.
Now not all states work this way. Most of these laws were enacted during the great depression to keep farmers afloat.