Re: depends

Posted by njdave on November 30, 2002 at 13:41:25:

In Reply to: Forclosure at SALE stage posted by Gloria Crawford on November 30, 2002 at 12:44:35:

It depends upon several factors specific to the laws and customs of your state. If your state offers a Right of Redemption (ROR) period... then you have the right to redeem ownership. It's doubtful that you could 'reinstate' a mortgage following Sale. You would have to secure and introduce fresh money.

Best course of action would be to have the Sale delayed, then negotiate a reinstatement with the foreclosing lienholder.

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Comments:
: It depends upon several factors specific to the laws and customs of your state.  If your state offers a Right of Redemption (ROR) period... then you have the right to redeem ownership.  It's doubtful that you could 'reinstate' a mortgage following Sale. You would have to secure and introduce fresh money.

: Best course of action would be to have the Sale delayed, then negotiate a reinstatement with the foreclosing lienholder.


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