Redemption Period

Posted by Merdog on July 15, 2008 at 05:06:21:

Still trying to make an offer on this house (Short) but owners are not accepting as they feel the house is worth more. Owners have now recieved final 21 day notice after 4 1/2 months of no payments. GMAC has posted in local paper that they are pursuing the default. Less than a week now remains for the owners to make due on the loan.

When does the redemption period start?

Should I just wait and let the bank foreclose at this point or keep trying for the Short sale?

Owners are trying to modify the loan and waiting for a response from the bank. This is a divorce situation but they are working the bank together for a modification in hopes for a sale later.

I want the house as soon as possible.


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