HOW DOES A FORECLOSURE BOND WORK IF THE PREVIOUS OWNER DECIDES TO REDEEM?THE SELLING PRICE IS MORE THAN THE FORECLOSURE PRICE.

The redemption period is 1 year, and the cost to cure will be higher than the foreclosure price.. it will be the foreclosure price, plus any unpaid interest and late fees, plus foreclosure costs, necessary repairs, and 12% interest on the total balance.. Rarely does the previous owner ever redeem.. not saying it doesn't happen, but its a rare occasion.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Please read the article at the link provided. This should help. http://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&ved=0CEYQFjAA&url=http%3A%2F%2Fwww.sirote.com%2Ftyfoon%2Fsite%2Fmembers%2F7%2FB%2F4%2F8%2F3%2F1%2F9%2F6%2F9%2FD%2Ffile%2Fjunderwood%2FJUnderwood%2520-%2520Right%2520of%2520Redemption.pdf&ei=7XhZU-_rAtKjyATyuoGACg&usg=AFQjCNGAu5sWXVVGQ-oSQS1BCscgjZYwPw&sig2=l-Mvnd0lJS9ovSR5LBfdsA&bvm=bv.65397613,d.aWw&cad=rja