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Monday, February 22, 2010

Foreclosure Redemption - BE WARNED

Nothing is stayed, stopped, or otherwise unless ordered by the Court.

In either a mortgage or tax forelcosure, the only requirement to redeem the property during a foreclosure proceeding is to provide, without condition, the full amount due prior to the property being actually sold. BE WARNED - providing part of the amount due does nothing unless in an express agreement ordered by the Judge.

To be clear, paying part of the money DOES NOT work a statutory stay of the foreclosure proceeding.

There are 2 stay (stop) statutes that are applicable to stop a forelcosure: CPLR 5519 (only applies when there has been a judgment of the court directing the payment of a sum of money) and RPAPL 1341 (only applies to partial foreclosures).

Redemption is the last chance to save a foreclosed property if all else fails. Don't play around, pay everyting and be sure the foreclosure is cancelled. Assumptions make a ____ out of you and me.

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