Replies to This Discussion

Permalink Reply by Paddy Deighan, JD PhD on February 19, 2013 at 3:04pm

it is highly unusual that Wells is an investor on anything...I am a legal adviser to them. There must be an investor behind Wells....in any event, they are taking a legally supportable position since the home owner has the legal right to redeem and if Wells accepts the offer and transfers title, the new buyer can be displaced and the sale undone.

The only thing that may help is if the home owner signs a release (probably in exchange for some money) . They can relinquish their right to redeem. This does not have full legal support but it is better than nothing

Permalink Reply by Susan Morimoto on February 19, 2013 at 3:12pm

We have been doing short sales during redemption periods since the beginning of time.  The home owner relinquishes their legal right to redeem at the closing when they signoff on the closing documents.