Updated about 14 years ago on . Most recent reply
nonjudicial foreclosure has no redemption period?
In my understanding, after a nonjudicial trustees sale, when the sale is done and cash paid there is no redemption period for the owner to regain the property. Is this true?
Most Popular Reply
Depends on the state.
Some states are non-judicial only and others judicial.Some states have pre and post redemption rights.
In Georgia we are non-judicial and once it forecloses there is no redemption period for the previous owner to claim.
Now an IRS tax lien and other liens can survive the foreclosure sale and not be wiped out.With the IRS you have to wait 120 days for the redemption period.
Foreclosing on tax liens is a different animal all together.It just depends on the state and what you are trying to do.
- Joel Owens
- Podcast Guest on Show #47
