Redemption after foreclosure auction purchase
Here is my (complex) scenario. Hoping somebody has some advice.
We want to buy a house where the owner had a reverse mortgage. She died in 2017. It seems her children did not pursue selling the house or paying off the loan. It went through foreclosure, and went to judicial auction with minimum bid of $180k. Nobody bid (and we didn't have the cash to bid). It being a HECM, it is now owned by Fannie Mae. Because this is in Oregon, there is now a 6 month redemption period before they will list the house on MLS. It is currently off the market.
My questions are: could i potentially buy the right of redemption from her heirs (I think I have found them but have not contacted them). If I was successful with that, could I obtain a loan to buy the property from Fannie Mae for the $180k amount that it went to auction for (plus fees, interest etc)? We couldn’t do a cash deal unfortunately. The heirs all live far away and are in their 60s and 70’s. I would guess they have zero interest in the property.
Most of what I can find online are about typical foreclosures where the owner is the one saving the property during redemption, or the high bidder buying the right of redemption after they won the bid so they don’t have to wait 6 months etc. Thank you in advance