Profile picture for dswain2011

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
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.