Preventing foreclosure redemption - Posted by Murf Murphy

Real Estate Investing
#1

Posted by JT - IN on June 27, 2001 at 21:40:14:

Murf:

You didn’t say what state you are located, but assuming that the redemption provision falls within a property owners rights, before the expiration of their window of opportunity to do so, then you are “Toast”.
What they will need to do is follow their redemption rights proceedure explicitly, and they will prevail. Any attempt on your part to thwart such an effort may be looked upon by any judicial prowess, very unfavorably.

Worst case, you go find another property. Working primarily in the Foreclosure and Sheriff Sale market myself, I just received a notice from an Attorney yesterday, stating that a property owner will be redeeming a property tht I just recently bought a Sheriff Sale. Next!

JT - IN

#2

Preventing foreclosure redemption - Posted by Murf Murphy

Posted by Murf Murphy on June 27, 2001 at 11:22:38:

I just bought a property from foreclosure. The occupant’s attorney just called me and wants to redeem the property. Is there anything that I can do to prevent it?

#3

Re: Preventing foreclosure redemption - Posted by Ronald * Starr

Posted by Ronald * Starr on June 27, 2001 at 21:48:34:

Murf Murphy-------

I concur with JT – IN. However, I recommend you read the law on foreclosures in your state. In this case, concentrate on the issue of post-auction redemption rights. Who has them, for how long? What do they have to do to redeem?

I lost my nice rental house in Waco, TX, because of the right to redeem after the Sheriff’s tax-sale auction. The attorney sent me a letter. The money was paid to the sheriff or treasurer’s office and they got the property back. I didn’t have to sign a deed.

Shame on you for buying a foreclosure without having already studied your state laws dealing with foreclosures. You should almost have them memorized. What worse problems are you going to have with the next purchase when you are so ill-informed?

I do not recommend foreclosures except for experienced real estate investors. If you are not an experienced investor, I recommend you stop doing foreclosures, do some other, simpler deals while you are learning how real estate works, and, in a few years, go back to looking at foreclosures, if you feel like it.

Good Investing****Ron Starr***********