You can if the owner is willing to work with you but keep in mind that the bank doesn't have authority to sell it until the redemption period expires. Now, if the home has been vacant for a while the bank can accelerate the redemption period but you wouldn't know that until the home gets put on the market by the bank since they will not discuss the terms of the loan. Good luck!
A California borrower only has a right of redemption if the property is foreclosed through the court system in a judicial foreclosure. The redemption period is set by the court and is no longer than one year. However, most California foreclosures are non judicial foreclosures and borrowers have no right of redemption in non judicial California foreclosures.
California homeowners usually have one year, or 365 days, to redeem their property after it is foreclosed on. At that time, the original owner will need to make payment in full of the sum of the unpaid loan plus costs one (1) year after foreclosure sale unless the original lender made a full price bid then that period is shortened to three (3) months.
Simon Campbell - http://www.bankforeclosuressale.com... more
Here is the link for the Dakota County Foreclosure Search:
I am not sure if they are up to date on their filings, so keep in mind, there may be some lagtime between when the paperwork is filed and when the information in on the web. If you want to double check, call the Sheriff's Dept and ask them. Most counties will check it for you in a minute or two over the phone, especially if you tell them you are a tenant. The main number for Dakota County is 651-437-3191 just tell the operator that you are a tenant and you want to talk to the Sheriff's Dept about a Foreclosure Sale.
Also, here are some great resources for renters who are dealing with potential foreclosure:
Home Line is an excellent local resource: http://www.homelinemn.org/hotline/foreclosure/
And the Attorney General has some good general information you might need:
And here is more info from Dakota County:
Minnesota Tenants Union (612) 871-7485 located at: 15 E 22ND St, Minneapolis, MN 55404
I hope that helps. Good luck and don't be shy about calling the Tenant's Union or the Attorney General's Office if you need more help.... more
Have you thought about a short sale? This is when the bank/mortgage lender agrees to accept less for the property than you owe on it. Also, by walking away you may not be relieving yourself of the debt. When you talk to the mortgage lender be sure to ask if they will 1) release the property and 2) forgive the debt. You could ask a realtor to help you with this. We are not paid until closing so it wouldn't cost you anything.... more
Hi Paula, Short sales can be very complicated. The bank is pretty much in charge but doesn't really care to much at this point because they don't have possession. Every bank is different. The seller doesnt usually make any money on the deal so I would venture to say no they will not be paying any closing costs. I would recommend buying a bank owned verses and short sale. There are exceptions of course. If your asking price is close to what is owed there may be some negotiating room. Realtor fees are usually paid by the seller as well, up to 3% to the buyers agent. What ever you do dont get your hopes up to high and expect to wait. Some banks drag it out until the 6 months is almost up.
Best of luck!
PS-You should be working with an agent who knows how this works to avoid suprises or it may not close.... more
Chris, are you represented by a Realtor? If so, your Realtor should be calling the Listing Agent and they in turn calling TPA daily on this. I've found that many instances, banks need constant pressure on these kinds of deals to get them to accept. I had a deal where the first price the bank said they'd accept was 170k and after a few weeks of pressure and calls they dropped thier acceptable price to 148k.