With so much information available on the Internet it is no reason that consumers are often confused on any number of topics. Well, the amount of information published about REO’s is no exception.
Nearly 40% of the States in America DO NOT provide for the defaulted home borrower to redeem their homes, once it has been foreclosed on. This means that majority of the state have some sort of redemption process.
However, for everything that I write about, I always look at the situation through the eyes of a California licensed REO REALTOR®. I am not an attorney, but I can share my opinion of laws, s I understand them. Of course, you should always consult with your own legal counsel to verify the peculiarities of your own personal situation.
California is one of the states that do not have any sort of redemption period. In essence, this means that once the gavel falls and a home is reverted back to the lender who foreclosed the former homeowner has no rights to redeem the loan and reclaim the foreclosed property.
FIVE STAR INSTITUTE
In the training manual published for the REO From A to Z class required to obtain the coveted Five Star Certification, they provide a chart of all 50 states that provide a “general illustration of redemption and confirmation”. Furthermore, the Five Star Institute claims, “not all states practice redemption, it is a good idea to research each state’s laws for current information about redemption and confirmation.”
For now at least, this makes it a bit easier in California, in spite of the recent legislation signed into law this July.
Blessings to all who read,
John Occhi, REALTOR®
Century 21 Crest - CrestREO
Over $1 BILLION in Closed REO's
CrestREO.Com
Hemet - San Jacinto Valley
951-927-9473
Servicing THE REO Needs of Asset Managers, Banks and Lending Institutions in the Hemet - San Jacinto Valley, Temecula, Murrieta, Winchester, Wildomar, Menifee, Sun Valley, Perris, Moreno Valley, Romoland, Homeland, Nuevo, Banning, Beaumont, Cherry Valley, Yucaipa, Redlands, Mentone, Loma Linda and throughout South West Riverside County and The Pass Areas of The Inland Empire in Southern California. If you are a buyer, investor, first time home buyer or are just interested in REO real estate, please contact us at the above website or phone number.
This article is part of a series based on my own experience and the lessons taught by the prestigious Five Star Institute in their “REO from A To Z” class that is necessary in order to obtain the coveted Five Star Designation, by far the most respected professional designation a REALTOR can earn in the specialty niche of listing and selling REO properties.
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