Ebooks Foreclosure
Redemption periods after auctions.?
Have been looking at online ebooks to get educated about buying at foreclosure auctions, but struggle with some of the State law differences. I live in Colorado. Can some one tell me in plain english the basic difference judicial vs non judicial, what the redemption period means to the winning bidder, and does the original owner get a chance to redeem his property? Although I can’t see how he could under the circumstances.
Hi Maggie,
I am in Florida but can give my input which you may find rounds off what everyone else tells you.
Judicial means a Court action.
Non-judicial is also known as the “power of sale” because a clause in the deed of trust preauthorises the lender to sell off the property in default to pay what is owed.
I thought in Colorado Judicials were not common but I see that in an another answer we are told that Colorado is a NJ state only.
Redemption, my understanding is that prior to June 2006 the right to redeem (75 days) was allowed to both the borrower and the junior lienholders, and then the state law was changed to eliminate the right for the borrower.
A redemption period means that the new owner can take title subject to, but will not be able to get title insurance, and usually can’t get any financing, and no repairs/alterations undertaken. On day 76, given no redemption right exercised the property is yours.
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