Should I waive my rights to redemption?

We have an investment property that is in process of forclosure. the bank now has a buyer for the property and wants us to sign something to waive our rights of redemption. My fear is that I will waive that right and then they will come back and sue me for the deficiency. What should I do?

Asked on May 21, 2009 under Real Estate Law, Kansas

Answers:

B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

I think you need to have a lawyer review the waiver they want you to sign, because there are different ways to word these things and you need to know exactly what this particular document means.  One place to find an attorney in your area is our website, http://attorneypages.com

After he or she goes through the document, it's possible that your lawyer can negotiate with the bank, to make sure that you are protected from a deficiency judgment; if the language doesn't look quite right, you might be able to get the necessary changes.  In this economy, the bank may be more interested in getting the deal done, as its most profitable way of dealing with your mortgage.  A lawyer is your best bet, both for understanding the document and for negotiating with the bank, if necessary.


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