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HOW DOES A FORECLOSURE BOND WORK IF THE PREVIOUS OWNER DECIDES TO REDEEM?THE SELLING PRICE IS MORE THAN THE FORECLOSURE PRICE.

by tsmith915 from , Alabama. Apr 24th 2014 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

The redemption period is 1 year, and the cost to cure will be higher than the foreclosure price.. it will be the foreclosure price, plus any unpaid interest and late fees, plus foreclosure costs, necessary repairs, and 12% interest on the total balance.. Rarely does the previous owner ever redeem.. not saying it doesn't happen, but its a rare occasion.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Apr 24th 2014
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Jarrod McOmie (Jarrod)
#13 ranked lender in Utah - 120 contributions

Please read the article at the link provided. This should help. http://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&ved=0CEYQFjAA&url=http%3A%2F%2Fwww.sirote.com%2Ftyfoon%2Fsite%2Fmembers%2F7%2FB%2F4%2F8%2F3%2F1%2F9%2F6%2F9%2FD%2Ffile%2Fjunderwood%2FJUnderwood%2520-%2520Right%2520of%2520Redemption.pdf&ei=7XhZU-_rAtKjyATyuoGACg&usg=AFQjCNGAu5sWXVVGQ-oSQS1BCscgjZYwPw&sig2=l-Mvnd0lJS9ovSR5LBfdsA&bvm=bv.65397613,d.aWw&cad=rja

Apr 24th 2014
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