Based on feedback from lenders about current market practices, Fannie Mae has refined this policy to permit the delivery of loans with unexpired redemption periods when all of the following conditions are met:

 

 Click on the links below to see the specifications of these loan changes that Fannie Mae has made to allow our clients to buy homes prior to the expiration of the one year redemption period.

Below are links to the Announcement and FAQ’s….

Link to the Fannie Mae Announcement

https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2010/sel1010.pdf

Link to Redemption Period FAQ’s

https://www.efanniemae.com/sf/guides/ssg/relatedsellinginfo/pdf/redmptperfaqs.pdf

If you still have questions, we understand, call us and if we can’t answer them, we have awesome lenders that we can call and get answers for you.

OK Who wants to become an investor. Here is a link, that you can access of a Hand picked list(provided by Teambates) of all the Foreclosures in Jefferson, Shelby area. If you want specific area that we didn’t include, i.e., Leeds, Trussville, Clanton, etc. Call us, we want to HELP you!

Click here for list of foreclosures
if you are having problems accessing this list, it has expired. Please contact us for an updated list of all the active listings in your area. Thanks Tommy and Marsha

Are you Buying A foreclosure with FHA money? You better read this waiver and if you have problems understanding it, Marsha and I can help!

FHA Waiver

If I Buy a Foreclosure – How does the Right of Redemption work?

Should I buy a foreclosure? What are some of the potential problems I can face if I buy a foreclosure? Do I lose everything I’ve done to the property up until the point they take it back?

These are all great questions Marsha and I have answered for several years now. There is nothing wrong with buying a “foreclosed property”. We have made offers on atleast a dozen or more, “foreclosed properties” and you can get some great deals.

The Right of Redemption period in the state of Alabama is one year. Once the property has foreclosed, the owner has one year to reclaim his or her property.

It is not as simple as just saying I want to buy my home back. The foreclosed owner has certain creditors they have to “pay back” including fines, interest payments and penalties…and who knows what…not to mention, the NEEDED repairs, not to be confused with improvements.

A new roof would be a good example of a NEEDED repair. If you decide to put in a pool before the redemption period has ended, this would most-likely be categorized as an improvent and it would not be reimbursed prior to redeeming the property. Needs a new roof? That would be reimbursed. Put in a pool, that does not have to be reimbursed.

Just make sure you use a Realtor that has worked both sides of the transaction and is familiar with dealing in foreclosed properties. Including knowledge of different types of mortgages to possibly assist in rehabilitation of the property. Also indemnification bond will probably be required from your mortgage company to insure the loan on the time remaining on the redemption period.

Marsha and I have extensive experience in the foreclosure process, give us a call.

Good luck.