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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: foreclosure and redemption Posted by Jim V on November 07, 2003 at 1:17 PM In Reply to: foreclosure and redemption posted by stacy on November 06, 2003 at 5:31 PM : I am hoping someone here can help me. I live in NJ and have been in foreclosure for some time. My home was sold today at a sherriff's sale, and with the help of some friends and family I am going to be able to take advantage of the redemption period to buy it back. My question is this: Once I have the property back in my possession do I have any obligation to the original mortgage lender - in this case Washington Mutual? In other words, do I now have full ownership of the property after paying attorney and other fees? : This is obviously all new to me and I want to understand exactly how the finances work. : Hoping for a quick response! Normally, a redemption requires payment of the defaulted loan in full, along with the fees associated with the foreclosure. So, if you redeemed, you'd be paying WaMu in full. Unless the lender is seeking a deficiency judgment, redemption is only for 10 days after the sale, so there's not a lot of time to put it together. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : I am hoping someone here can help me. I live in NJ and have been in foreclosure for some time. My home was sold today at a sherriff's sale, and with the help of some friends and family I am going to be able to take advantage of the redemption period to buy it back. My question is this: Once I have the property back in my possession do I have any obligation to the original mortgage lender - in this case Washington Mutual? In other words, do I now have full ownership of the property after paying attorney and other fees? : : This is obviously all new to me and I want to understand exactly how the finances work. : : Hoping for a quick response! : Normally, a redemption requires payment of the defaulted loan in full, along with the fees associated with the foreclosure. So, if you redeemed, you'd be paying WaMu in full. Unless the lender is seeking a deficiency judgment, redemption is only for 10 days after the sale, so there's not a lot of time to put it together. 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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