Re: REO Question
Posted by steele in minnesota on August 26, 2008 at 17:53:09:
In Reply to: Re: REO Question
Posted by Anthony on August 26, 2008 at 17:11:04:
Actually in states that have a redemption period the bank will not even put it on the market until this time is over. They don't own it until this has passed. You see, unlike most states that do not have a redemption period, the sheriff sale is not the end moment of the foreclosure. The best way of looking at it is that in a redemption state the sheriff sale is a "right to own the property after redemption" certificate. Not an finalized sale like elsewhere.
We wait 6 months here in Minnesota. If the property is abandoned the lender can shorten this to 5 weeks, but otherwise the owners have full rights. They can continue to live there, try and sell it, etc.
No, if you have a 120 redemption that time will have to pass before the bank takes possession/ownership. Unless you have a similar provision for abandonment.
Steele
Follow Ups:
- Re: REO Question - Anthony 18:57:18 08/26/08
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- Re: REO Question - steele in minnesota 06:00:16 08/27/08
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