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Old 05-25-2010, 04:48 PM
dmv dmv is offline
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Join Date: May 2010
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Default foreclosure or right of redemption?

we have a mobile home that is vacent and has been foreclosed on. the lender has given us the option of right of redemption. the park the home is in wants to buy the home. would exercising the right of redemption be better on our credit rating than foreclosure? or is it too late?thanksdoesnt reall matter why we didnt make the payments just looking for an answer to my question...but its actually my fiances home. she moved out 5 years ago and left it to her brother who was suppose to eventually get a loan and buy it from her. he stoped paying the loan which was in her name and when we asked him to pay it or leave he became dangerous...threating to burn it down ect...well, we put it off thinking he would just keep making late payments...then it foreclosed. bank had to get sheriff and lawyers involved to evict him...guess we went about it the wrong way. we are planing to get married soon and next spring sell my house and buy another...so we were trying to do damage controll at this point.
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