Originally posted by Adam Demchik:
Thanks Simon. With regards to the redmeption period, is there a way to find out what it is prior to the auction?
A simple answer would be to do a search online for "property redemption period and" your state name. You can also check at the county courthouse.
This time period starts from the sale date and can extend anywhere from 10 days (New Jersey) to almost two years (Tennessee). In Michigan, for example, the redemption period is six months for most residential properties, 30 days if the property is abandoned, and a year for any parcels of property 3 acres or larger or any original mortgage that has been more than 50 percent paid off. Not all states, however, have a redemption period. You will need to check with your state to find out how long the redemption period is if it was a judicial or non-judicial foreclosure.
Here is another resource: http://www.nolo.com/legal-encyclopedia/free-books/foreclosure-book/chapter11-1.html