Hi all. Anyone here heard of or have a Waiver for Rights of Redemption form? Thanks in advance.
Your thread looked so lonely, I thought I’d try to help. Yes, I’ve heard of a waiver of RoR. What state are you in, and what is your specific scenario/question?
This is relating to a property that was in foreclosure and has gone to the auction and taken back by the lender. They said if I can get the owner to waive their rights of redemption then they might accept my offer on the property.
In certain states, the homeowner has a right to redeem even after the foreclosure sale has taken place. It may be 30 days and I’ve seen even 180 days after the sale. If they waive their right, then the lender can legally take clear title back, and then sell it to you. Talk to an attorney or title company to see how to execute the redemption in your state. Some states have the redemptioned detailed in the actual mortgage document. It might be as simple as the homeowner writing to the lender that they waive their right.
SEPIA, yous still havent said what state you are working in!
steve
Michigan
Wow, it almost took you a month per letter typed to reply!