The Foreclosure Report

Redemption Clause In Tennessee

The Jackson Sun reports from Tennessee. "A statement in Sunday's business story about buying foreclosures was not completely clear. The statement said, 'It is important for those buying a foreclosure to have the redemption right' of the seller waived."

"Sally Pate, a local real estate agent who specializes in selling foreclosed property, called Monday to say that while Tennessee is a redemption state, the mortgage holder waives the ability for that property owner to reclaim their property in their deed of trust at closing."

"'One of the few times a redemption clause comes into play is when a property is being sold at the courthouse for unpaid property taxes,' Pate said."

posted by Ben Jones @ 1:34 PM