short sale during redemption period? - Posted by Marcia

Real Estate Investing
1

Posted by Tom(MI) on May 02, 2006 at 20:51:31:

I have done some shorts with banks during redemption periods. Some won’t. Just call and ask.

There are differences for multi family on redemption periods. I believe so many units it is 12 months. Also the amount ot equity will play a role. Anything over 3 acres it is 12 months.

2

short sale during redemption period? - Posted by Marcia

Posted by Marcia on April 30, 2006 at 11:51:45:

I’ve been through the achives but still don’t feel like I have the answer. Does anyone know if the banks will do a short sale during the redemption period? And where does the paperwork go after the sheriff’s sale? I would think it would leave the lost mitigation department, but maybe not? In Michigan we have a 6 month redemption period. Any info, would be appreciated. Thanks!

3

Re: short sale during redemption period? - Posted by John Corey

Posted by John Corey on May 02, 2006 at 03:06:47:

Monica,

Is the redemption period in MI uniform or can it vary based on the type or use of the property? I think some states do vary based on OO vs. NOO.

John Corey

4

I Know Some Will - Posted by Downriver Brian

Posted by Downriver Brian on April 30, 2006 at 15:24:17:

I am working a short sale for a motivated seller in Dearborn, MI. Loan is with Ameriquest. Seller didn’t even know that his house went to sheriff Sale in March.
Ameriquest is all about doing the short sale, even in the redemption period. I don’t know how many other banks are in the same way, but I would guess most of them.
The filed did get transfered from the Collections department to the “REO Department”. It took an entire day of calling Ameriquest to get to the guy that actually had the loan under his control. Nightmare. Plan for lots of phone calls. Once they gave me the number to a dating service.
Make sure you write down all the dozens of phone numbers they’ll send you to with names of who you are speaking to, extensions, and all that so when you get to a dead end you can backtrack and start over.

5

Re: short sale during redemption period? - Posted by Marcia

Posted by Marcia on May 02, 2006 at 06:30:27:

Hi John:

To be quite honest I only know that which pertains to SF homes. It is six month redemption unless there is acrage and then they have a 12 month redemption period. If abandoned then it is only 30 days. I don’t know if they go so far as to figure out if it is the owner or a non-owner living there.

So what do you think? Will the banks to short sales after the sheriff’s sale during the redemption period?

Have a great day!

6

Re: I Know Some Will - Posted by Marcia

Posted by Marcia on May 02, 2006 at 06:33:59:

Thanks Brian for the input. I’ll see you at the next meeting.

7

Re: I Know Some Will - Posted by Joe

Posted by Joe on May 01, 2006 at 09:38:10:

That’s good to hear Brian. Opens up another angle to approach deals from.