Buying back an asset sold by Trustee

[BRENERD]

I have used search feature without a hit. I was told that if an asset is sold by the Trustee, you have a year to "buy it back". I live in North Dakota. Is this true? The asset in question would be a 1/3 interest in farm land. Actually it is a life estate interest. The three own the property, but the grantor ( 75 years old) receives the farm rental income and pays all taxes and other expenses. Thank you.

[justbroke]

I have never heard of a "redemption" period for Trustee sales. You may be confusing the redemption period for foreclosures by "trustees of deed" in your particular State. In some States, non-judicial foreclosure sales, performed by a "Trustee" for the lender, may be redeemed up to a certain period of time. I'm wondering if that's what you're thinking of?

[BRENERD]

He was quite clear. I doubted it too, hence the post. He said if trustee posted the asset for sale, and someone bought it, we had 12 months to buy it back from the purchaser. He is a well respected attorney that I have used before. Based on lack of responses, others are doubtful as well.

[justbroke]

Well, let us know if you find anything specific. This just seems strange, but it could be underlying non-bankruptcy laws being applied.

[AngelinaCat]

If this is a 'life estate' and three people have an 'undivided interest' in the property, I would think that the trustee would formally 'Abandon Interest' in the property by a motion to the court.

My husband and I sold a piece of property that we still retain a 'life estate' on and will until we die, or decide to move away. We also hold a homestead exemption on it as we live there. We are in Florida. Our trustee 'Abandoned Interest' in the real property as being "fully exempt, or otherwise encumbered."

I hope that helps. Good luck.

[AngelinaCat]

Now, on buying assets back from the BK estate, our trustee offered our non-exempt assets back to us, if we wanted to buy them, otherwise he would auction them off. These were some family heirlooms and of course we wanted to keep them. One was also a deposit with the local electric company. I still don't understand that. But under the buy-back agreement, we paid $450.00 per month to the trustee beginning on May 1, 2008, and finished on April 1, 2009.