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Chase redeemed property from Wells Fargo

Posted by Kathy Manoogian on January 26, 2012 at 9:06am in Short Sale Discussions

Chase redeemed during 6 month redemption period by paying off Wells Fargo. When the 6 month redemption period ends, will Chase be the new owner of the property? Can a short sale still be done, or is it now in foreclosure?

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Replies

Kathy Manoogian February 19, 2012 at 5:18am

UPDATE

Chase redeemed the property at Sheriffs sale for $149,000. Never recorded. Did a title search and Chase does not come up as lien holder. Now I have a buyer who wants to purchase. Does Chase have any recourse if I sell it?
Investor January 26, 2012 at 3:55pm

Sounds like the property was already foreclosed and Chase had a second mortgage on it, which gave them the right to redeem the property. It is still a foreclosure, just a different bank owns it now.

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