right of redemption???
I am under contract on a property that was a foreclosure. I'm trying to find a way to protect myself from the right of redemption being exercised, as well as be able to sell before the 2 yr right of redemption period is over. So many questions...
In the contract I am responsible for all encumbrances. Does this mean there's no way out of the contract now?
I have read that in Texas the "borrower" has no right of redemption. Does that mean that since it was an REO (Foreclosed due to defaulting on a tax loan) that there is no right of redemption?
I can buy the right of redemption and the right to contest sale. But how? And if they refuse, I just played my hand and can't rehab or rent property without significantly more risk.
If I go through with it how can I sell the property? Can I even rent without telling the renters that they may be evicted at any moment?
Does anyone have answers to any of these problems? This is my first deal and I can't lose everything first try.
Most Popular Reply
Why is a tax sale or foreclosure of a Loan/mortgage ? That makes all the difference
Loan-Texas has no redemption period
Tax Sale- Redemption period is 6 months or 2 years. Either way you will have some difficulty obtaining title insurance prior to 2 years