I have a property I’m trying to buy. The property did go to auction but didn’t sell so it went back to the bank. I called the attorney’s office and they said in order for me to buy it, I would need to get the borrower to give me his rights of redemption. Is there a special form for this? Where can I get one? Does anyone have one they can send me ? PM me and I will provide my email.
In order to redeem the property, the owner will have to pay his mortgage loan balance in full plus the cost of the foreclosure. Once the redemption period expires, the bank can resell the property with clear title, and will most likely sell for less than the defaulted mortgage amount.
What do you hope to accomplish if the owner sells you or assigns you his redemption rights?