InnoVest Resource Management's Foreclosure Forum

Discussion Board Foreclosure Training Title Holding Trust Speaking Schedule Foreclosure Codes 50 State Foreclosure Basics Foreclosure Glossary 60+ Yrs Interest Rates News & Trends FAQ Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: I suggest you look at Fl's right of redemption. Posted by Roberto Hirlemann on January 06, 2002 at 11:18 AM In Reply to: Re: I suggest you look at Fl's right of redemption. posted by Ward-CA- on January 06, 2002 at 10:58 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. +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ i got the idea in 28 u.s.c. section 2410 and it is federal not florida law. it includes other federal entities as well as irs, with the difference that irs only has 120 days and sba has 1 year. the question is not if the sba has the right , i already know that they do. the question is: in your opinion, can a private company that bought a pile of mortgages including those that pertain to my house from the us government exercise such right?? thank you, roberto Follow Ups: 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. : +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ : i got the idea in 28 u.s.c. section 2410 and it is federal not florida law. it includes other federal entities as well as irs, with the difference that irs only has 120 days and sba has 1 year. the question is not if the sba has the right , i already know that they do. the question is: : in your opinion, can a private company that bought a pile of mortgages including those that pertain to my house from the us government exercise such right?? : thank you, : roberto 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

Copyright © 1997-2001, InnoVest Resource Management

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455