Foreclosure in 55372>Question Details

Jennifer Cur…, Home Buyer in Prior Lake, MN

What is a redemption loan?

Asked by Jennifer Curtis, Prior Lake, MN Thu Sep 23, 2010

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Keith Manson- Metro Milwaukee Wisconsin’s answer
Depending on you state and the laws in your state, the law may allow a redemption period prior to the foreclosure sale or after the foreclosure sale. This is a time period by law that allows you to still payoff your loan prior to the confirmation of the foreclosure sale.

In wisconsin, my state, the redemption period is 6 months prior to the foreclosure sale on a normal residential property. In Minnesota I beleive the redemption is after the foreclosure sale and depends on the amount of land involved with the property.

If you are looking for options, you need to discuss with a local expert.

Keith Manson
First Weber Group
Certified Distressed Property Expert
Mero Milwaukee
0 votes Thank Flag Link Sun Sep 26, 2010
Jennifer, you need to contact this guy. He can help you BIG TIME!!!
Craig Nester:

He's an expert at helping people figure out their alternatives. Please let me know if I can be of any assistance.
0 votes Thank Flag Link Fri Sep 24, 2010
Hi, Jennifer!
I saw your post the other day about this. It's so distressing. You need to find a really good attorney. Unfortunately, you will have to pay that attorney. One possibility is that you could buy the house back at the sherriff's sale, but you have to have cash to do that and show up at the sherriff's sale to bid on the property. You only need to bid over what the bank will be bidding. BUT, I have never done that, so I'm not sure how all of the particulars work. Again, all the MORE reason to have an attorney who specializes in such thing. I have someone you may want to talk to just to get the straight information on all of your alternatives. Contact me if you'd like his info. Thanks!
0 votes Thank Flag Link Fri Sep 24, 2010
In order to answer your questions, you really need a sit down with a professional versed in foreclosure procedure in Minnesota. Someone who can help you track down just where things are and who are the players. Ofr example, you talk about the bank (construction loan?). I don't see how you have priority if you have $30,000 in it an they have some $90,000. Plus the fact that most lenders will be sure to be in the first position, not you. That means if the house is foreclosed upon you and the other secondary lien holders are off the property with now unsecured loans.

You can go back and forth here but you really should be sitting face to face and discussing this in detail.

Too much information is just unknown at this point.

My opinion, of course.

Steele V. Propp
Certified Distressed Property Expert
Bank Owned Home and Foreclosure Division
Schatz Real Estate Group
Bloomington, MN
0 votes Thank Flag Link Fri Sep 24, 2010
Flag Sun Jun 17, 2012
I'm as still trying to close but builders title company dropped them so trying to find another one. If that doesn't work them ill put a lein on the house. The bank tryed to get me to sign off on a friendly foreclouse but i consalted with a laywer and id be givning up my priority rights and only give myself 2-3 months on finding what is called a redemption loan. The bank said if i didn't sign it he wouldn't work with me in selling me back the home....Hopefully he was bluffing since i do have priority????this is so stressful...spent 4 months building this home by ourselves and now this:(
0 votes Thank Flag Link Thu Sep 23, 2010
Just went into foreclosure, so don't know the bid yet...guessing it will be at least what the bank is owed 90,000..the subs have leins on the house along with myself for 30,000.???
0 votes Thank Flag Link Thu Sep 23, 2010
This has to do with a house. We built a house, invested 30,000 of our own $, builder financed it. finished building house, builder filed bankruptcy. My laywer said i would have a right to buy it back after redemption period. ???
0 votes Thank Flag Link Thu Sep 23, 2010
Redemption Loans are the choice for those that have filed Chapter 7 bankruptcy. It is the new alternative to the standard dealer Bankruptcy Auto Loan. If the amount you owe is more than what your vehicle is Blue Booked at then a Redemption Loan can help you get out of the bind you're in. Applying for a Redemption Loan could help match you with a lender that will Lower Your Monthly Payments and Loan Balance!!
0 votes Thank Flag Link Thu Sep 23, 2010
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