My foreclosed home is for sale, at like 100k less than I had owed. Now, If I were to want to exercise my 'right of redemption', would I have to reinstate what I owed plus misc fees and charges, or the current asking price?
-
Filed CH7 Feb 12 2010
341 March 18
Discharged...May 18
Awaiting closing... -
It would be whatever is required for you to get 'caught up' with your existing terms, such as fees, charges, etc. -
Redemption is to resolve secured debt by paying what its worth. Either by paying in full or a loan. I imagine real estate is seldom redeemed. If you had enough cash to pay in full what your house is worth you probably wouldn't file. And just having filed BK, there is pretty much NO way to get a new loan. (Even doing so would incur closing costs.)
I guess if you had a generous friend or family member who would pay it off for you, it could happen?Get mortgage modified: DONE! 7 months of back interest payments amortized, payment reduced over $200/mo
(In the 'planning' stage, to file ch. 13 if/when we have to.)Comment
-
The answer depends on your state. Redemption can work several ways.
In general, you must pay the highest bid at the foreclosure sale to redeem. Some states require you to pay the full amount of the loan.Comment
Comment