Travis Jones of Rush Properties is an entrepreneur based in Olathe, Kansas with expertise in foreclosure real estate. Recently he answered a few questions about one complicated aspect of the subject.
Q: Travis Jones, it is well known that homeowners have rights in the foreclosure process, including one known as the “right of redemption.” What is that and what risk does it expose to buyers?
Travis Jones, Rush Properties: After a homeowner has defaulted on his mortgage, the lender has the right to file a foreclosure lawsuit against the debtor and a sheriff’s sale will be ordered. After the sale is complete begins what is known as the “redemption period” during which time the homeowner has the right to keep the house by paying successful bid amount of the winning bid at the sheriff’s sale within 90 days and in some case 12 months.
Q: What else can happen?
Travis Jones, Rush Properties: The homeowner may choose to stay in the house for 90 days after the sheriff’s sale without paying rent or the mortgage payment or he may choose to vacate. In the meantime, the purchaser at the sheriff sale has to wait until the redemption period is over before an eviction can be filed.
Travis Jones, former President of Rush Properties, is currently a partner in Cherry Park Properties. He is married and has three children.
Travis Jones Rush Properties 