mortgage foreclosure

[Alan Faitel]

The banks are now selling their foreclosure homes during the redemption period. This may be good for the banks but it will causes a lot of problems selling houses in redemption to the general public. Below are some questions about redemption, can you help with the below.

1. What is a redemption period?

2.When is redemption over? Is it 6 months from the day of the sheriff sale or is it the day the sheriff deed was recorded?

3.The day after sheriff’s sale who is the owner? Is the bank the owner or is the one being foreclosed on still the owner.

4.How can a six month redemption period be shortened? If the old owner moves out is the is the redemption period automatically shortened? Can you offer cash for keys?.

5.If you buy the home from a bank during the redemption and the house is vacant can you take possession? Can you rehab the home? Can you resell the home?

6.What is your certificate of abandonment, and how do you get one?

7.If you buy a home from a bank in redemption, and the bank gives you a quit claim deed, is that good enough?

8. If you buy a house from a bank during redemption, can you put a mortgage against the house or lien the house with a hard money mortgage? Is there a way to borrow money during redemption?

9.If you buy a house from a bank during redemption can you get insurance? What if it’s occupied? Or rental if it’s vacant?

10. Is there a time window or are there other limitations for getting a writ of abandonment?

11. If the bank has started a writ of abandonment but has not recorded it by the time of our purchase is it transferable? Can we start the process over if the bank has already started the process?

12. If the property appears vacant can we take possession the day of the end of the redemption period? If it is occupied can we send a 30 day notice to start the eviction process before the end of the redemption period or do we have to wait? 

13 can i do the certificate of abandonment, does some one have a lawyer i can use?