Foreclosure redemption period

Hi Sasquatch!

Welcome to a new beginning. May I call you Sas?

The redemption period is the time period that the mortgagee has to redeem their past due payments or resolve (pay off) the mortgage. It's generally (at least in MI) 6 months from the date of a Sheriff's auction unless the property is deemed abandoned. Then the redemption period drops to 30 days. Be aware that the mortgagee can rescind the sale by resolving the mortgage, at which time the buyer will be refunded the winning bid amount plus any interest accrued between the sale and the date it's rescinded.

Hope this helps.

Dan

Hey, thanks for the kind reply. You can call me almost anything you want... Just don't call me late for dinner LOL

I understand what the redemption period is. What I need is an updated list for each state. The list which is available on this forum appears to be outdated as I have found out by checking just a few of the states listed.

If anyone has a list available, this would be great!

I look forward to working with everyone on this forum.

Thanks!

Here's a good chart at RealtyTrac. There is also one in chapter 16 of "Be A Real Estate Millionaire" on pages 216-217. (I'm not sure which would be most current.)

http://www.realtytrac.com/foreclosure-laws/foreclosure-laws-comparison.a...

Hope that helps.

Rina

Thanks Rina. I have seen both lists, but they appear to be outdated. I've contact a few agents for specific properties only to be told they are not yet available per the redemption rules in states which each list says does not have any redemption period. I'll just have to contact each state I wish to deal with to get the current information. No big deal.

Thanks for all your help.

That's probably the best idea. Even when you do know the state procedure, I think it can vary. Like WI has a redemption period of 365 days, BUT a sale can be confirmed by the court before that. Also, I don't think they can even advertise the sheriff's sale here until many months of the redemption period have already passed. The long redemption period in a way is a pain, but it can be useful in giving one time to work with the owner that's in foreclosure.
And I think there are different rules for abandoned properties, too.

So, I agree, checking into the specific state you're interested in is a good idea.

Rina

I agree fully. What I don't understand is why a property is listed as "Foreclosure" yet it has not even completed the foreclosure process. Is this not a "pre-foreclosure" if it is in a redemption period? Anyway, this is nothing to sweat over. I've much to learn and much to give when I can.

Oh and check out my post under "My Deals". You won't believe it but I'll give you a hint... Free house for me and me alone to do with what I want...

Thanks for your help.