Posted by Bill H on November 24, 2004 at 15:05:43:
Right of Redemptions gives the owner the ability to satisfy ALL debts and get their property back after the sale.
The owner gets it back subject to ALL liens, etc., which existed prior to the sale.
If you are still in the redemption period and are buying from the owner, not the foreclosing party, you are probably subject to the same conditions.
Otherwise everybody would allow the property to go into foreclosure and during the redemption period get it back for only the foreclosing lien.
Normally a junior lender will not take a short sale if the owner is getting any $$$. Why should they take less if there is $$$ to pay the delinquent owner.
2nd lienholders rights after sheriff sale - Posted by Ken(MN)
Posted by Ken(MN) on November 24, 2004 at 12:01:46:
I am buying a house during 6 month redemption period after sheriff sale. 1st lienholder foreclosed. There is also a 2nd mortgage. At this point,the 2nd lienholder has taken no steps to redeem or foreclose. What rights does the 2nd lienholder have at this time? Must I pay off the 2nd to close? Since it is still the owners right to sell and satisfy the mortgage foreclosed on, does that mean the 2nd mortgage is still active? I origionally agreed with the 2nd to a short sale, but they stated it must be closed on before the sheriff sale, and the owner would receive no money. Since we are past that date now, must I follow the same steps, and get the 2nd to agree to the short sale as before? Thanks in advance