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Haverford's blog
Looking to redeem foreclosure property!!!
Submitted by Haverford on January 1, 2009 - 10:37pm.I am a licensed realtor. Since the crash of the real estate market, my income went from $130k+ to $9K YTD. Each one of my rental properties are in jeopardy of foreclosure. One, I recently lost. This rental property was sold at sheriff sale on October 7th. Prior to the sale, I remained in contact with the servicer. The servicer agreed to give more time to provide financials but, sold the property before I could send the final information to them, without notification. I owed approximately $175K. The property was sold for a substantial low amount of $108K. Also, I am being sued by the tenants for their last month's rent and security deposit. Do I have any rights to redeem the property? Is there a redemption period? Since the property was sold for such a lesser amount, am I subjected to be sued by lender for the shortfall? Since this not my primary residence, is there any legal counsel available for a depleted realtor who is in the process of practically losing everything? Please help.
