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Alabama Real Estate Q&A Discussion Forum
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Updated almost 5 years ago on . Most recent reply

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34
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2
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Devon Daniels
  • Dothan, AL
2
Votes |
34
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Tax sale redemption from different mortgage companies

Devon Daniels
  • Dothan, AL
Posted

I bought a property during a tax sale that apparently had a mortgage attached to it. I did extensive rehab. The first mortgage company tried to redeem late 2019. I sent them my improvement costs and they did not respond within 10 days. I actually reached out to their lawyer and he said it would cost too much for them to redeem and that's why they didn't reply.

It's now April 2020 and they apparently sold the mortgage to another mortgage company and the New mortgage company is now trying to redeem (they have not filed the official redemption paperwork just contact me via phone). 

Do they get a new reset on the redemption 10 days and referee process because they are new mortgage company?

Most Popular Reply

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1,566
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Denise Evans
  • JD, CCIM , Real Estate Broker
  • Tuscaloosa, AL
1,486
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1,566
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Denise Evans
  • JD, CCIM , Real Estate Broker
  • Tuscaloosa, AL
Replied

@Devon Daniels, assuming they still have redemption rights and time has not expired, they get a reset. Even original lender would get a reset if they’d kept the loan. 

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