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Foreclosure in Newport : Real Estate Advice

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Sun Feb 12, 2012
Gena Bolton answered:
Hi Carman,

This question is loaded indeed, working in right of redemption states and states having different redemption periods even has caused FNMA issues of these homes. People do have the right to redeem during these periods and does happen ( a very small amount but none the less it does happen )

In out part of the world it does not preclude selling to pay current debt. But time would be an issue as I believe most around 90 -120 periods, and to list, sell and close ?

I would ask the legal dept of your board of realtors before I took on such a listing.

My thoughts, for this to make sense there would have to be a lot of equity ?.... that it has been foreclosed though the courts ----- the redemption price by paying all the fees would eat up a lot of equity. Here in Florida the cost of court foreclosures can exceed 50k.

Carman I'm fishing a little bit here and thinking downstream, if the homeowner is trying not have a foreclosure on their credit record and believe that redeeming the home cures this....Lenders treat the NOD ( notice of default ) today as a foreclosure.

I hope this works out for you and i would talk to my local board...

Have a successful and blessed week
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