redemption interest
Polish translation: zastaw/certifikat zabezpieczający spłatę zaległości podatkowych i zależnych z nimi kosztów
| 19:41 Jan 11, 2015 |
| English to Polish translations [PRO] Bus/Financial - Real Estate | |||||||
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|  Selected response from: margo252 Poland Local time: 22:34 | ||||||
Grading comment
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| Summary of answers provided | ||||
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| 4 | odsetki wykupowe/odkupowe |
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| 4 | zastaw/certifikat zabezpieczający spłatę zaległości podatkowych i zależnych z nimi kosztów |
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| 3 | see below: |
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| Discussion entries: 2 | |
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Answers
39 mins confidence: 
odsetki wykupowe/odkupowe Explanation: Dosłowny przekład może być niejasne, więc można dać tłumaczenie bardziej opisowe (lub dodać je w nawiasie lub przypisie): odsetki narosłe od dnia (przymusowej) sprzedaży zajętej nieruchomości do dnia jej wykupu/odkupu (przez poprzedniego właściciela) The property may be sold under the order of the court by the person having authority to receive County taxes, with notice to interested parties and right of redemption from the sale, (except that the interest or any other amount to be paid upon redemption in addition to the amount for which the property was sold shall be as provided herein), as provided in Sections... (b) Redemption interest. The interest to be paid upon redemption from all tax foreclosure sales held under this Section shall be: (1) If redeemed within 2 months from the date of the sale, 3% per month upon the amount for which the property was sold for each of the first 2 months, or fraction thereof; (2) If redeemed between 2 and 6 months from the date of the sale, 12% of the amount of sale; (3) If redeemed between 6 and 12 months from the date of the sale, 24% of the amount of sale; (4) If redeemed between 12 and 18 months from the date of the sale, 36% of the amount of sale; (5) If redeemed between 18 and 24 months from the date of the sale, 48% of the amount of sale; (6) If redeemed after 24 months from the date of sale, the 48% for the 24 months plus interest at 6% per year thereafter. http://ilga.gov/legislation/ilcs/documents/003502000K21-75.h... |
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Notes to answerer
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1 hr confidence:
see below: Explanation: Tłumaczenie opisowe: tu: licytują/składają oferty nabycia od uprzedniego właściciela (ogranoczonego czasowo) prawa prawa do odkupu i zwrotu nieruchomości przejętej sądownie przez pożyczkodawcę. Interest: A comprehensive term to describe any right, claim, or privilege that an individual has toward real or Personal Property. http://legal-dictionary.thefreedictionary.com/interest Right of redemption means that the previous owner of the house was foreclosed on (presumably for not paying a judgment or taxes), and they have a certain period of time (prescribed by statute - usually either 6 months or 1 year) to "redeem" the house, i.e. buy the house back at the price that you paid. http://ask.metafilter.com/23146/Right-of-redemption My mother just bid on (and won) a house that had an outstanding right of redemption. Apparently, the previous owner had sold his right of redemption to another person, and that person exercised it after the auction. My mom had to fork over the money she'd bid at the auction, and then permit the rights-holder to buy it from her by paying the price of the winning bid (plus interest) within a month or so. Her lawyer said that people almost never exercise their rights, but this case was different: somebody else had purchased the rights, so it was more likely that the house would be redeemed. The time period in which the right can be exercised is probably set by state law, and it's probably not that long -- otherwise, people would be unwilling to buy mortgage foreclosures because it would take too long to find out whether they could keep it. That would make foreclosures harder to sell, and would hurt banks. Obviously, legislators wouldn't stand for that. If you really want the house, you might consider approaching the previous owner to purchase his right of redemption. Then, let somebody else buy it at the auction, or if nobody bids, make your own bid. http://ask.metafilter.com/23146/Right-of-redemption Real Estate Foreclosure and Redemption POSTED IN FORECLOSURE BY LAWYERS.COMSM As a borrower or mortgagor, once you've fallen behind on mortgage payments, in either a residential or commercial situation, the loan goes into default, and within a short time, the lender (mortgagee) will start foreclosure proceedings. You'll probably wonder about what options are available, and whether there are any alternatives to losing the property and the consequences of foreclosure. The right of redemption is one such option. It's available to you, and others connected to mortgage debt, either under your state laws or it's a term included in your mortgage document. Defining Redemption Rescue By the equitable right of redemption, as it's traditionally known, or under specific laws in about half the states, you can redeem or pay off the defaulted mortgage - usually up until the time of the foreclosure sale - and keep the property. State statutes vary on the specifics of how and when the right of redemption may be exercised. Once you redeem, you own the property. The mortgage is paid and you're done with the lender. Unless, of course, you have more than one mortgage. If so, the other lenders still have a right to the property if you default on their loans. http://bankruptcy.lawyers.com/foreclosures/real-estate-forec... Redemption allows you to get your home back before or after foreclosure by paying off your mortgage and other costs and fees. A redemption period is a specific time period given to borrowers in foreclosure during which they can buy back, or “redeem,” their property. Read on to learn more about the right of redemption before foreclosure, as well as the right of redemption following foreclosure. Understanding Redemption "Redeeming" the home can refer to either of the following situations: paying off the total debt, including the principal balance, plus certain additional costs and interest, before the sale in order to stop the foreclosure, or paying off the purchase price, plus certain costs and interest, after the foreclosure sale to reclaim the property. In all states, the borrower can redeem the home before the foreclosure sale, but only certain states provide a redemption period following the foreclosure sale. http://www.nolo.com/legal-encyclopedia/right-redemption-befo... Right of redemption From Wikipedia, the free encyclopedia The right of redemption, in the law of real property, is the right of a debtor whose real property has been foreclosed upon and sold to reclaim that property if they are able to come up with the money to repay the amount of the debt. Most U.S. states have a statutory provision that allows such a reclamation of property. http://en.wikipedia.org/wiki/Right_of_redemption# |
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11 hrs confidence:
zastaw/certifikat zabezpieczający spłatę zaległości podatkowych i zależnych z nimi kosztów Explanation: Please see the attached links: http://www.greenvillecounty.org/tax_collector/tax_sale_proce... (explains the entire process leading to bidding and redemption) http://tax.co.sangamon.il.us/SangamonCountyWeb/app/redemptio... (online bidding) http://www.actcfl.org/forms/tax_cert_sale_info.pdf (the basics) http://en.wikipedia.org/wiki/Tax_sale (please read the text under "tax lien sale" -------------------------------------------------- Note added at 1 day1 hr (2015-01-12 20:48:12 GMT) -------------------------------------------------- zastaw/certifikat zabezpieczający spłatę zaległości podatkowych i związanych z nimi kosztów |
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