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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: I suggest you look at Fl's right of redemption. Posted by Ward-CA- on January 06, 2002 at 10:58 AM In Reply to: united states right of redemption posted by Roberto Hirlemann on January 06, 2002 at 10:32 AM : i bought a property in a foreclosure sale by the 1st mortgage. i knew that 2 other mortgages were owned by the sba and therefore had the united states right to redeem within 365 days.however, i also knew that the us government, at least in florida, has never excercised such right on a single family unit. : the sba sold these mortgages to a private company which filed a law suit one day before the year was over to excercise their right of redemption. as a private do they have the right of redemption as if they were the united states government? : roberto ================== Roberto, where did you get the falacious idea that any department in the Federal Government, other than the IRS, has the Right of Redemption (ROR) on its own, without regard to local law? In your case the SBA lienholders and their assigns have an ROR as a consequence of Florida law, not via a federal law (like the IRS enjoys). Furthermore, you are wrong in quoting that FL's ROR is one year long. It's only for 10 days after the foreclosure auction sale. And just because you haven't witnessed the IRS employing its ROR in the state of FL doesn't mean that it doesn't happen. It just means that IRS is not the most efficient party in keeping up on exercising those rights. Here in CA it has only happened to me twice in 20 yearsÑbut it does happen. Follow Ups: Re: I suggest you look at Fl's right of redemption. Roberto Hirlemann 11:18 AM, 01/06/02 (2) Re: I still think an SBA loan doesn't come with ROR. Ward-CA- 5:59 PM, 01/06/02 (1) I agree, but. JD 6:53 PM, 01/06/02 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : i bought a property in a foreclosure sale by the 1st mortgage. i knew that 2 other mortgages were owned by the sba and therefore had the united states right to redeem within 365 days.however, i also knew that the us government, at least in florida, has never excercised such right on a single family unit. : : the sba sold these mortgages to a private company which filed a law suit one day before the year was over to excercise their right of redemption. as a private do they have the right of redemption as if they were the united states government? : : roberto : ================== : Roberto, where did you get the falacious idea that any department in the Federal Government, other than the IRS, has the Right of Redemption (ROR) on its own, without regard to local law? : In your case the SBA lienholders and their assigns have an ROR as a consequence of Florida law, not via a federal law (like the IRS enjoys). Furthermore, you are wrong in quoting that FL's ROR is one year long. It's only for 10 days after the foreclosure auction sale. : And just because you haven't witnessed the IRS employing its ROR in the state of FL doesn't mean that it doesn't happen. It just means that IRS is not the most efficient party in keeping up on exercising those rights. Here in CA it has only happened to me twice in 20 yearsÑbut it does happen. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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