Re: what is redemption?

Posted by Nancy on February 27, 2005 at 21:38:04:

In Reply to: Re: what is redemption? posted by Bill H on February 27, 2005 at 21:02:29:

: : We might be losing our house soon due to foreclosure. We are trying every way we know to keep it, but in the event that we do lose it we need to be prepared. I keep reading about a "redemption period". What is that? We live in Texas. Thanks

: Nancy:

: Redemption or Right of Redemption...means that after the foreclosure sale you as the prior owner have the right for XX days in which to come up with all the $$$ required and pay them and get your home back.

: However, Don in the next post is giving you information that was posted here about TAX SALES and their rights of redemption. TAX SALES and FORECLOSURE SALES are two entirely different things.

: I have not looked it up recently but Foreclosure sales in Texas are under Chapter 51 .....NOT....Chap 34 as Don is quoting.

: AND; I am not absolutely certain but I do not think you have a right to redeem under Texas FORELOSURE under Chap 51 of the statutes.

: Good Luck,
: Bill H

Bill,

Do you know how the process would work if we ended up filing bankruptcy in order to save our house? What happens if we file a chapter 7 vs a chapter 13?

Thanks,
Nancy

Follow Ups:

• Re: what is redemption? - Bill H 19:44:27 02/28/05 (0)

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Comments:
: : : We might be losing our house soon due to foreclosure.  We are trying every way we know to keep it, but in the event that we do lose it we need to be prepared.  I keep reading about a "redemption period".  What is that? We live in Texas.  Thanks

: : Nancy:

: : Redemption or Right of Redemption...means that after the foreclosure sale you as the prior owner have the right for XX days in which to come up with all the $$$ required and pay them and get your home back.

: : However, Don in the next post is giving you information that was posted here about TAX SALES and their rights of redemption. TAX SALES and FORECLOSURE SALES are two entirely different things.

: : I have not looked it up recently but Foreclosure sales in Texas are under Chapter 51 .....NOT....Chap 34 as Don is quoting.

: : AND; I am not absolutely certain but I do not think you have a right to redeem under Texas FORELOSURE under Chap 51 of the statutes. 

: : Good  Luck,
: : Bill H

: Bill,

: Do you know how the process would work if we ended up filing bankruptcy in order to save our house?  What happens if we file a chapter 7 vs a chapter 13?

: Thanks,
: Nancy


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