Bradford & Bingley : LUSENET : Repossession : One Thread

Can anyone explain to me exactly what a redemption payment is please please?


-- (, January 03, 2004


whoops sorry its a .com email not a

-- (, 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?

-- (, 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 (, January 08, 2004.

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