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What does it mean when they say I have redemtion rights?

March 02, 2009

i went to court in november. my hubby was laid off construction. normally he is only laid off a week or two a year. last year he made $22,000. less than 2007.court papers say the day for redemption is april 4th. i was told as soon as hubby went to work, give them 2 check stubs and they can work with us. problem is all companies are not hiring now. we were told wait till may when weather is nice. is here anything we can do to save it? is our only option bankruptcy? then if we did bankruptcy can we change our minds in may or june and still save the house after he has a job?

This entry was:
Posted By Jim at 04:58 PM
Comments (1) | Categories: Wilshire, Illinois Foreclosure | Tags: wilshire illinois
 

Comments

IT MEANS THAT AFTER THE FORECLOSRE SALE YOU STILL MAY HAVE THE RIGHT TO BUY BACK THE PROPERTY. IN MOST STATES, THE BORROWER IS ABLE TO BUY THE PROPERTY AFTER THE HOME IS SOLD IN FC AUCTION. USUALLY THE REDEMPTION PERIOD IS ANYWHERE FROM 30 TO 90 DYS. BUT I HAVE SEEN UPTO 120DYS BEFORE. THE HARD PART ABOUT REDEMPTIONS IS THAT THE BORROWER HAS TO BUY THE PROPERTY AGAIN. WHATEVER THE HOME WAS BOUGHT FOR ON TH FC AUCTION, THE BORROWER WLD HAVE TO COME UP WITH THE SAME AMOUNT AND POSSIBLY PAY FOR LEGAL FEES TOO. ITS A WAY TO STAY IN HOME AFTER THE HOME IS FC
Posted By ryan sutter on March 26, 2009 at 07:01 PM

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