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.