also posted on the foreclosure section
Pre-foreclosure in Wyoming, problem/question.
I live out of state but have under contract (sub2 with trust etc.) a house there. It is set for a foreclosure sale within about 8-9 weeks, too short to fix up (paint/carpet) and get flipped for retail. In Wyoming the owner has three months after the sale date to redeem the property. We are willing to take that time risk, i.e. 5+ months from now until close on the flip. Question; do I get the redemption as a sub2 owner or only the client who borrowed the funds originally? Can’t find a REIA in Wyoming so some referral there would be great! Thanks Tommy
It is my understanding that a redemption can only be accomplished by a full payoff. A subject to purchase after the foreclosure sale is simply asking the lender to reinstate the previous loan. Don’t think they will go for that after the foreclosure.
thanks much Dave, we are happy to pay off in full during the redemption period. my question is can we take advantage of the redemption period even though we aren’t the original borrower? PS are you in wyoming?
No I am not in Wyoming, but rather in coastal SC.
I have never attempted a redemption. I suppose you could always purchase the defaulting borrower’s redemption rights for $100 and then notify the lender that you wish to redeem the property from foreclosure.
Just guessing here.