Bradford & Bingleygreenspun.com : LUSENET : Repossession : One Thread
Can anyone explain to me exactly what a redemption payment is please please?
-- (firstname.lastname@example.org), January 03, 2004
whoops sorry its a .com email not a co.uk
-- (email@example.com), January 03, 2004.
A redemption payment is the full payment due to the mortgage company when you want to repay your mortgage,including maybe a charge for repaying your mortgage to early.
-- Brendan McKeever (bpmckeever@AOL.COM), January 05, 2004.
If there was a mortgage for £17000 and a property was sold for £30000 and a redemption payment was made of £11000. where does the remainder of the money fromthe sale ofthe property go?
-- (firstname.lastname@example.org), January 05, 2004.
The mortgagor (i.e. like you) gets it AFTER fees for the legal and estate agency work are taken off.
-- David J. Button (email@example.com), January 08, 2004.