Foreclosure redemption period
What is the “foreclosure redemption period”?
It is a specific period of time given to the homeowner, depending on your state law, that gives the homeowner however much extra time allotted to live on their property legally.
Why is a redemption period so valuable?
It’s pretty obvious that a foreclosure redemption period is very important to many homeowners. The homeowner gets a significant amount of time to get his or her finances together, his or her life together… He or she also gets to live in their home rent free, possibly saving thousands of dollars.
How long are redemption periods?
I hate to be vague, but it really depends on your state. It is a good idea to check your state’s individual laws if you are in the foreclosure process. Remember that not all states grant redemption periods.
Remember that a redemption period does not do anything to help or end your foreclosure, it just helps delay it. You should use this time to figure out “your next move” so you can be ahead of the game. Being smart and able to adapt is important at every step of the foreclosure process.