Posted by Chris-Fl on February 04, 2004 at 21:49:25:
no redemption period in Flori-duh…
Foreclosure redemption - Quick read - Posted by JCR
Posted by JCR on February 04, 2004 at 19:16:48:
This guy called me this morning responding to a recent foreclosure mail-out. He has the following situation:
His condo has already been sold under foreclosure. It sold for $310k. There is roughly $240k worth of liens.
I know the state of Florida has like a 45 day redemption period where the owner can come back, pay up and reclaim their property.
My question is if he had $240k worth of liens (or assesment) but it sold for $310k, does the owner need to come up with the $240 or the $310?
If I need to come up with the $310k, it would not be worth the effort - comps are $340 - $350 and one for $390k.
Comments, feedback welcome…
Florida has a redemption period? - Posted by IB (NJ)
Posted by IB (NJ) on February 04, 2004 at 21:30:51:
I was told by the employees down in St. Lucie county that there was no redemption period in FL. Additionally, the Gaines and Coleman Florida Real Estate, Practices, and Law book (26th edition) states that “In Florida, the right of equity of redemption ends once the property has been sold at foreclosure sale”.
Did something change recently?
Re: Foreclosure redemption - Quick read - Posted by John
Posted by John on February 04, 2004 at 20:55:11:
You will need to come up with the judgement amount of the foreclosing lien. Just call the courthouse and ask for the redemption amount. But please understand that if there are any junior liens that were “wiped out” due to the foreclosure, now they are back on the property.
When you redeem, it is like the foreclosure never took place.
Good luck