Redemption by United States
Underwriting Manuals
- No references available.
Standard Exceptions
- No references available.
Bulletins
- No references available.
Forms
- No references available.
Table of Contents
RED
Redemption by United States
Exceptions
REDX01
STG
12/01/1995
V
2
Redemption
Right of redemption for one year from _____________ in favor of the United States.
Comment: If the United States has a junior lien other than a federal tax lien, the United States may have a one year right of redemption after a judicial foreclosure. If the superior lien is foreclosed nonjudicially, the United States may assert a similar right of redemption even if state law does not create a right of redemption. This right of redemption will not exist after a nonjudicial foreclosure if the inferior lien is a HUD or VA loan unless state law also creates a right of redemption. This federal right of redemption will not exist after a nonjudicial foreclosure of a prior mortgage if the inferior lien is held by RTC or FDIC.
Note: You may add additional local exceptions here. Please consult with our underwriting personnel in preparing appropriate provisions.
Comment: If the United States has a junior lien other than a federal tax lien, the United States may have a one year right of redemption after a judicial foreclosure. If the superior lien is foreclosed nonjudicially, the United States may assert a similar right of redemption even if state law does not create a right of redemption. This right of redemption will not exist after a nonjudicial foreclosure if the inferior lien is a HUD or VA loan unless state law also creates a right of redemption. This federal right of redemption will not exist after a nonjudicial foreclosure of a prior mortgage if the inferior lien is held by RTC or FDIC.
Note: You may add additional local exceptions here. Please consult with our underwriting personnel in preparing appropriate provisions.