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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 is the redemption period for Ohio?
The redemption period in Ohio is the time after the sale of the home and before it can get confirmed by the courts. The time will not exceed 30 days and any owing money must be paid before a property can be redeemed.
Can you still REPAY MY PROPERTY TAXES EVEN IF IT HAS BEEN SOLD AT TAX SALE?
Check to see what the period of redemption is in your state. You may have a year to redeem the property by paying the taxes and associated costs and interest.
Why is capital redemption reserve created?
No
How long after a house goes up for auction do you have before you have to leave?
depending on your state. In Minnesota, you have a 6 month redemption period and if your not out by than or have not reclaimed your property, the mortgage company will have to evict you and that is another process which can take 30 or more days.
Is there a list of statutory right of redemption states?
These are the states that do not have redemption period: The five states they list as having no redemption period are: Texas, Georgia, Virginia, DC, and New Hampshire The rest do have different time lines for redemption.
Is there a redemption period in the state of Georgia for foreclosed homes?
In some states, a lender can seek a personal judgment against the debtor regarding the redemption period for foreclosed homes. In Georgia, there is no statutory right of redemption.
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 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
Can you live in your home during the redemption period in MN?
You can live in the house 6 months after the Sheriff sale. This is called the redemption period.
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.
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 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.
What is the redemption period for Ohio?
The redemption period in Ohio is the time after the sale of the home and before it can get confirmed by the courts. The time will not exceed 30 days and any owing money must be paid before a property can be redeemed.
Why is redemption important?
When you default on a home loan and your lender had delivered you the Notice of Default, you have the option of trying to save your home through loan modification. Your lender may also have other options you can pursue if you contact them immediately when you begin to slip on your finances. However, very few homeowners know about all their legal options that may be available to them. One very important option to be aware of is that some states provide for a redemption period after foreclosure.What is a Redemption Period After Foreclosure? The redemption period is a state regulated statute that allows a homeowner the opportunity to live in the home at the time of foreclosure without being evicted. More importantly, in states with a redemption statute, the homeowner is also given the first opportunity to regain ownership of the property by paying for the home at the foreclosed price. The length of time allowed for the redemption period is always dependent upon which state the property being foreclosed on is located in. Since this is a state regulation, some states may not even offer this option, some states may offer a period of 60 to 90 days, and other states may offer no more than several days to a week. It's the homeowner's responsibility to be knowledgeable as to whether or not this right is extended and for how long.Why Does The Redemption Period Matter?There are obvious benefits to the property redemption program, but there are also some less obvious benefits as well: When the time comes that the foreclosure is inevitable, and there is no way the homeowner can pay the money needed in order to retain ownership of the property, the redemption period provides time for the homeowner to consider other options he has regarding his future living situation without having to make an immediate adjustment from the home to a smaller dwelling.Another benefit is the fact that the redemption period can allow the homeowner much needed time to take care of bills that are piling up, or take care of issues with other creditors and to begin to take back control of other financial issues. This can be extremely helpful to a homeowner who has multiple financial problems.The reason the redemption period is so important is because, when utilized properly, the homeowner can either find the means necessary to retain ownership of his or her property without ever having to leave it, or the time can be used to straighten out any other financial matters that may be weighing on the homeowner.Talk to a Foreclosure Defense Attorney To find out if your state offers a redemption period and to take advantage of this legal option, you should get the help of a lawyer who specializes in foreclosure. Your lawyer can provide you with an overview of all of your options during foreclosure and can help make sure your rights are protected.
What is the redemption period for each 50 states?
You can review the state listing at the following link. However, you should check any state of interest to you for any updates not included on the listing.http://www.realtytrac.com/real-estate-guides/foreclosure-laws/
Can you file bankruptcy during the redemption period?
Yes, you can file for bankruptcy during the redemption period. The redemption period typically refers to the time frame after a foreclosure or repossession when a borrower can reclaim their property by paying off the debt. Filing for bankruptcy during this period may provide legal protection against creditor actions and could potentially allow you to keep your property, depending on the type of bankruptcy filed and the specifics of your situation. However, it's important to consult with a bankruptcy attorney to understand the implications and options available.
