The property is in Tennessee. The date of foreclosure was 9/28, and the date of sale was 10/31. Thank you in advance!
2006-12-22 00:57:57 · 4 answers · asked by TC 2 in Business & Finance ➔ Renting & Real Estate
Bostonian is incorrect. Some states have a redemption period in which the home owner may back their home after the auction or sherriff's sale. In your state, You have a period of two years to redeem the property, unless you waived your right of redemption in the original deed of trust.
Regards
2006-12-22 10:54:42 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Anyone with the necessary funds can buy the property. Once the foreclosure is finished, the former owner does not have any superior right to the property; that died with the foreclosure.
The time for the owner to assert their right of ownership is BEFORE the foreclosure. They do that by making up any arrearages PRIOR to the foreclosure date.
2006-12-22 02:04:23 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 1⤋
I myself would say YES the homeowner could buy it, but the biggest problem they would have is finding a bank to finance them. When a home is foreclosed on the house usually goes out to auction. You yourself could bid at this but again you need the financing. I purchased my home just before it went into fore-closer. The ONLY thing the bank wants/ed was to get their money. I was successful in stopping the fore closer. The only thing I needed was to pay the bank the money they were due in arrears. I paid ALL of this and then purchased the home from the previous owner. WE BOTH made out well on the deal. Good Luck with it if it is you we are speaking of. MERRY CHRISTMAS & HAPPY NEW YEAR!!!!!!
2006-12-22 01:11:29 · answer #3 · answered by GRUMPY 7 · 0⤊ 0⤋
Yes. The time varies by state. Check with a lawyer.
2006-12-22 01:17:08 · answer #4 · answered by Anonymous · 0⤊ 0⤋