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What is the difference between a redemption bond and an indemnity letter?

I just recently put an offer in on a home that was forclosed in sept and bought by an investor.  My realtor and I included in the offer we required a redemption bond and were countered with an indemnity letter.  What is the difference and who is liable for the remainder of the mortgage if the former owner exercises their right of redemption?
  • November 01 2011 - Madison
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