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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Basic, basic question about MN redemption Posted by Barry-MN on July 01, 2003 at 4:52 PM In Reply to: Basic, basic question about MN redemption posted by Angela on June 30, 2003 at 8:13 PM : I just can't seem to get this redemption thing. If the house sells at sale for $80k, owner owed $100k, and I go in and get the deed and redeem during the redemption period, do I pay the $80k or the $100k? Does the money from the sale go to the bank after the auction ($80k) if there is another bidder other than them that takes them out of the loop, or is it held in escrow until the redemption period is over and then distributed? In other words, who do I pay? : If the bank is the one that bids and they bid less than what was owed, what needs to be paid to redeem? : Thanks, it's amazing all the complicated parts of this I understand and how I don't know the answer to this question. Angela, In Minnesota the bank is going to bid at least what is owed to them. If the homeowner owes $100,000....maybe he has a $80,000 1st and a $20,000 2nd? The bank would bid the $80,000 that is owed because the $20,000 2nd would be wiped out by the foreclosure. So it is the $80,000 that would have to be paid back to the bank in order to redeem. (Plus whatever penalties/lawyer fees/etc. that are attached.) You can call or e-mail me if you would like to discuss this further. -Barry (MN) Realtor barry@aapg.us Follow Ups: But I've seen them bid less.. Angela 4:56 PM, 07/01/03 (1) Re: But I've seen them bid less.. Tom (MI) 4:42 PM, 07/09/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : I just can't seem to get this redemption thing. If the house sells at sale for $80k, owner owed $100k, and I go in and get the deed and redeem during the redemption period, do I pay the $80k or the $100k? Does the money from the sale go to the bank after the auction ($80k) if there is another bidder other than them that takes them out of the loop, or is it held in escrow until the redemption period is over and then distributed? In other words, who do I pay? : : If the bank is the one that bids and they bid less than what was owed, what needs to be paid to redeem? : : Thanks, it's amazing all the complicated parts of this I understand and how I don't know the answer to this question. : Angela, : In Minnesota the bank is going to bid at least what is owed to them. If the homeowner owes $100,000....maybe he has a $80,000 1st and a $20,000 2nd? : The bank would bid the $80,000 that is owed because the $20,000 2nd would be wiped out by the foreclosure. : So it is the $80,000 that would have to be paid back to the bank in order to redeem. (Plus whatever penalties/lawyer fees/etc. that are attached.) : You can call or e-mail me if you would like to discuss this further. : -Barry (MN) Realtor : barry@aapg.us 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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