What kind of loan do we need for redemption ?

If you’re buying back a foreclosed or tax-delinquent property (a redemption), traditional lenders usually won’t finance it — you’ll likely need cash, hard money, or a private lender. Talk with a local mortgage professional familiar with foreclosure redemptions to find the best option.

Time is critical here so move on this today. California's redemption period after a non-judicial foreclosure is actually very limited and the right of redemption rules are strict, so you need a real estate attorney to confirm exactly where you stand in that 90 day window before anything else. To fund a redemption you typically need enough cash or financing to pay off the full outstanding loan balance plus any fees and costs that have accrued. Traditional mortgage lenders will not move fast enough for this situation. The financing options that can close quickly are hard money loans, which are asset based loans secured by the property that can sometimes close in days, or bridge loans from private lenders. The process is not just about finding a loan though. Your attorney needs to file the proper paperwork with the court or trustee to formally exercise the redemption right before the deadline. Getting the legal step and the financing moving simultaneously is essential. Contact a foreclosure defense attorney in California today and a hard money lender at the same time. Do not wait on either one.

Genowa, in California the right of redemption usually comes up after a foreclosure sale. To buy the home back within your 90-day window, you’d generally need cash or a hard money loan, since most traditional lenders won’t move that fast on a mortgage in a redemption situation. A local lender or attorney who handles foreclosure redemptions can point you to short-term financing options that let you redeem, and then you can refinance later into a regular home loan.