Once a house has been foreclosed, what amount of money is required for the owner to save/keep the house? Is it the amount past due, including fees etc., or the entire amount of money owed on the property? It's my understanding that one can still keep the house if they pay before the period of redemption is complete.
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The amount is usually the entire past due balance, accrued interest and penalties, legal fees, and a few others I cannot recall.
The question comes up occasionally, but few people have the means to actually redeem, so the answers are not often really explored or explained.11-20-09-- Filed Chapter 7
12-23-09-- 341 Meeting-Early Christmas Gift?
3-9-10--Discharged -
That is my understanding as well. You have to pay all back payment sto make the loan totally current as well as any additional fees the bank has in attorney fees, late payments, filing fees etc. If paid before the redemtion period ends, you get to keep your home.Comment
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I dont' want to restate what I just posted about my apartments, but what if the bank paid LESS than the loan amount for the Sheriff's deed?
Why would the homeowner owe more than the bank (or a private investor) paid at the auction?Comment
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