My house is under forclosure but has not reached the sherrifs sale yet. I sold my redemption rights to someone and they are renting out my property to someone. I told my mortgage company and they said that my redemption rights do not go into affect untill after the sherrifs sale. They also said I need to seek legal advice. If this is true does that make the contract I signed giving up redemption rights void? Can the company I sold my redemption rights to get in trouble?
Your mortgage company is correct that the redemption rights do not begin until the sheriff's sale. Prior to the sale you are in possession of the house and can transfer possession as you like. After the sale the holder of the redemption rights is entitled to possession of the house. The redemption rights give the holder (1) the right to possession and (2) the right to redeem the house after the sale by paying into court the amount of the bid at the sale. I don't know that the redemption right holder can get in any trouble for what they have done. I would assume that the document transferring the redemptions rights also grants them possession immediately. If not, you apparently gave them possession. I see no basis for attempting to void the contract.
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