Re: what is redemption?
Posted by Bill H on February 28, 2005 at 19:44:27:In Reply to: Re: what is redemption? posted by Nancy on February 27, 2005 at 21:38:04:
: : : 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
Nancy:
BK is not my cup of tea. However in general Chap 7 is for dissolution of unsecured debt such as credit cards. Chap 13 is normally referrd to as a "Workout Plan". In this you go to the judge and say I can pay xxx based on yyy income and zzz expenses. If the judge sees the plan as reasonble and possible he may force the lender to accept it. However: bear in mind tht the lender willbe there saying...you cannot make the payments...you did not make them before...you were late...etc. It is not an open and shut case in your favor.
If you file BK you get an automatic 90 stay. The lender, upon being notified, will immediately file for relief of stay asking the courts to remove the stay and allow them to proceed with their foreclosure process.
In Texas, the lender must give you a 20 day notice of default, followed by a 21 day notice of sale and then it can be sold on the first Tuesday of the following month. So, it could be as long as three months or as short as 2 months depending on the day the process is started and the aggressiveness of the lender.
Please remember, I am not an attorny, the advice all are giving on the Internet is NOT legal advice and is NOT intended as such...For legal assistance consult an attorney.
Good Luck,Bill H
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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: Nancy:: BK is not my cup of tea. However in general Chap 7 is for dissolution of unsecured debt such as credit cards. Chap 13 is normally referrd to as a "Workout Plan". In this you go to the judge and say I can pay xxx based on yyy income and zzz expenses. If the judge sees the plan as reasonble and possible he may force the lender to accept it. However: bear in mind tht the lender willbe there saying...you cannot make the payments...you did not make them before...you were late...etc. It is not an open and shut case in your favor.: If you file BK you get an automatic 90 stay. The lender, upon being notified, will immediately file for relief of stay asking the courts to remove the stay and allow them to proceed with their foreclosure process.: In Texas, the lender must give you a 20 day notice of default, followed by a 21 day notice of sale and then it can be sold on the first Tuesday of the following month. So, it could be as long as three months or as short as 2 months depending on the day the process is started and the aggressiveness of the lender.: Please remember, I am not an attorny, the advice all are giving on the Internet is NOT legal advice and is NOT intended as such...For legal assistance consult an attorney.: Good Luck,: Bill HOptional Link URL : Link Title :