Sat, Jul 04, 2009
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Another ? About Redemption After Sheriff's Sale...(m) |
quinn
287 Posts
Member Since: 09/29/2003
Oak Park, MI
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Posted: 17:12 on 10-17-2004
I want to help this seller that is in the redemption period. I think she has 6 months to redeem. I think the sheriff's sale was back in June of this year. Is there any way I can help her out of this? I know I can't sub-to because it's owned by the bank now. Any other ideas? She can't even sell it now because it is no longers hers right? What if someone wanted to buy it? Does she have any entitlement at all right now? Is there anything I can do to help her..
any advise is appreciated
quinn
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acbill
5 Posts
Member Since: 10/16/2004
Linwood, NJ
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Posted: 17:58 on 10-17-2004
I live in NJ so I'm not sure what the procedure is where you are but in NJ the redemption period is 10 days. I have recently purchased a property after sheriff sale (actually settled 2 hours befor the deadline was up). Your Homeowner still owns the property and can sell as long as balance of mortgage and all costs are paid before deadline. Sub To won't work because the bank is not likely to reinstate the mortgage. They will be getting their money soon. As far as helping her out that all depends on what you would be willing to do. You can buy and lease back to her (but keep in mind she wasn't paying the bank so she might not pay you).
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quinn
287 Posts
Member Since: 09/29/2003
Oak Park, MI
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Posted: 18:17 on 10-17-2004
What about getting it under contract and wholesaling it? Would that work? Or getting it under contract and finding an end buyer willing to buy the property?
quinn
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