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Depending on the timing of the various required notices, it usually takes approximately 180 days to effectuate an uncontestednon-judicial foreclosure. There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first. Try http://www.speedyrealestate.info. Good luck!
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What is the redemption period for Virginia State?
There is no redemption period for the state of Virginia. http://www.realtytrac.com/foreclosure-laws/Virginia-foreclosure-laws.asp
What is an equitable right of redemption?
In a mortgage foreclosure process, the time between the foreclosure filling date and the auction sale is called the "Equity of Redemption Period". Once the home has been sold, most States grant a time period such as six months for the defaulting owner to repay the debt and fees. This is referred to as the "Statutory Period of Redemption".
What is a redemption period?
The redemption period is the legal time period you have to redeem something that has been taken from you by operation of some law. For example, if your property is taken by your municipality for nonpayment of property taxes there is a period during which you can redeem the land by paying all your back taxes, interest and costs. In some cases there is a redemption period during which a property taken by foreclosure can be redeemed by paying all sums due including the costs of the foreclosure. Redemption periods may vary by jurisdiction. You need to check in your jurisdiction for the particular type of taking and its redemption period according to the laws in your jurisdiction. See related link for state by state information regarding foreclosure redemption periods.
How long is the redemption period for a foreclosed house in Minnesota?
You can find information about Minnesota foreclosure laws at the link below.
Can the prior owners of real property in Florida have a redemption period after the foreclosure sale of property?
No, Florida foreclosure law states that the homeowner has the right to redeem the property anytime BEFORE the day of the sale. After the Certificate of Sale has been issued, there is no right of redemption.
What states have the statutory right of redemption after foreclosure?
Several states have statutory rights of redemption after foreclosure, including Alabama, Connecticut, Delaware, Iowa, Minnesota, Mississippi, Missouri, Tennessee, and Wisconsin. These states allow homeowners a period of time after foreclosure to buy back their property by paying the outstanding mortgage debt.
What is the difference between pre foreclosure and foreclosure?
Pre-foreclosures occur when homeowners are in arrears on their mortgage payments. The pre-foreclosure period is, in effect, a grace period warning a homeowner that foreclosure is the next step if the mortgage is not caught up.Foreclosure is the legal process by which a mortgagee, or other lien holder, usually a lender, obtains a court ordered termination of a mortgagor's equitable right of redemption.
When a property goes through foreclosure can borrower do a deed in lieu prior to the end date of the redemption period?
When a Property goes into Foreclosure and a Sheriff sale date is posted, or if after the Sheriff sale and is during the redemption period a "Deed in Lieu" is always a possibility. The Mortgage lender must agree to accept this. A"Deed in lieu" is the process in which an owner would be surrendering the title to the lender. Again the Mortgage/lender must agree to this act.
Who is considered an heir who has rights to redeem a foreclosed property?
If the person who lost the property by foreclosure died within the redemption period their heirs are those persons who would inherit their property in the absence of a will under the state laws of intestacy. You can check the laws in your state at the related question link.If the person who lost the property by foreclosure died within the redemption period their heirs are those persons who would inherit their property in the absence of a will under the state laws of intestacy. You can check the laws in your state at the related question link.If the person who lost the property by foreclosure died within the redemption period their heirs are those persons who would inherit their property in the absence of a will under the state laws of intestacy. You can check the laws in your state at the related question link.If the person who lost the property by foreclosure died within the redemption period their heirs are those persons who would inherit their property in the absence of a will under the state laws of intestacy. You can check the laws in your state at the related question link.
What is the Redemption period for sheriff's deed in Michigan?
Redemption of a Sheriff's Deed after foreclosure is 6 Months from the date of the Sheriff Sale unless: 1) The property is located on 1 acre of land or more 2) The amount owed when the Sheriff Sale takes place is less than 66 & 2/3 percent of the original balance (as in it was payed down a LOT before things got bad and the foreclosure train showed up) If either of the above are true then the redemption period is one year. Also, if the Sheriff's Deed is not recorded within 20 days of the actual sale date, then the 6 months redemption period begins from the date the Sheriff's deed is recorded.
What has the author Richard A Canaday written?
Richard A. Canaday has written: 'Oregon foreclosure and repossession' -- subject(s): Repossession, Foreclosure
Is there a statutory right of redemption in California?
There is no statutory right to redemption in Illinois; however Illinois does have an equitable right of redemption which is a borrowers right to clear debt prior to foreclosure (short sale). The equitable right of redemption lasts for 7 months after date of service or the first publication date whichever is later.
