Property Bought Out Of Foreclosure - Posted by chris(AL)

Posted by Irwin on May 08, 1999 at 22:52:42:

Which is all the more reason to get good legal advice from a local attorney.

Property Bought Out Of Foreclosure - Posted by chris(AL)

Posted by chris(AL) on May 08, 1999 at 03:08:30:

My uncle just bought bought property out of foreclosure,mainly for farming purposes, but the property does have 2 run-down houses on it. My question concerns the 1 year period the former owner can re-claim the property. To my understanding, they have to reimburse you for what you have done to the property,BUT are there limits to what he can do with the property?

Re: Property Bought Out Of Foreclosure - Posted by Lynn (AL)

Posted by Lynn (AL) on May 09, 1999 at 20:06:51:

Chris,

A local attorney told me a couple of years ago that the redemption period here in Alabama is 2 years. Let us know how it all turns out.

Lynn Henley
Montgomery, AL

Re: Property Bought Out Of Foreclosure - Posted by Irwin

Posted by Irwin on May 08, 1999 at 07:51:58:

All states have different laws concerning redemption from foreclosure. Your uncle could lose money spent on the property during redemption, so before he does anything, he should check it out with a good local lawyer.

Re: 1 Year Redemption Period? - Posted by NJDave

Posted by NJDave on May 08, 1999 at 07:21:02:

Where is the property? I’ve never heard of such a long redemption period for property bought at sale.
If it’s LAW, then it’s on the books. If it is contractual, maybe it is contained within the language of the deed.

On the funny side… - Posted by chris(AL)

Posted by chris(AL) on May 08, 1999 at 11:16:58:

The irony here is that the person being foreclosed on is a laywer! hehehe. Not a local one though.

Re: 1 Year Redemption Period? - Posted by Bert G

Posted by Bert G on May 08, 1999 at 12:33:39:

>“Where is the property? I’ve never heard of such a long redemption period for property bought at sale.”<

You must be one of them thar east coast types. In my state (N.D.) the right of redemption is TWO years. The founding fathers figured that the only reason any of our good people would go into foreclosure is a crop failure, and a couple good years will let them pay it off. Must be something to it. According to Foreclosureworld.com, my state has a total of ONE property in foreclosure. The new HUD management doesn’t list any.(The old HUD list had 14 - for the whole state)

BG in ND

Re: 1 Year Redemption Period? - Posted by phil fernandez

Posted by phil fernandez on May 08, 1999 at 07:32:49:

Chris,

I recently bought a property within the redemption period of foreclosure. The redemption period was to end on 8/4/99. At that point the bank would legally get the property to do as they wish.

What I had to do was not buy the house from the bank, but work a deal with the owners in foreclosure. I put up the money needed to redeem the house. Gave the money to the owners attorney in escrow who in turn brought the amount needed to stop the foreclosure action down to the court house to get a certificate of redemption. The bank was paid off with my funds and the foreclosure was stopped.