If you have been researching about foreclosure rights, you have likely come across the phrase right of redemption. But what does that mean and how can you use it to stop the foreclosure on your home?
The right of redemption period begins after the sale of the house. During this time, you have the right to redeem the property. What this really means is that you have the opportunity to essentially buy the property back from the person who bought it at the foreclosure sale. You will likely have to pay the entire amount that the buyer paid plus any applicable fees. During the right of redemption time, you might be able to still live in the home.
An important piece to understand about your foreclosure rights in this area is that not all states have a right of redemption period. In some states this is not an option so do not depend on it. Be sure to research if your state has this as an option and if so, what the rules are regarding this issue.
You also need to be sure that you understand how long the right of redemption timeframe lasts. It could be from a few months to almost a year depending on where you live. Be sure to find out how long that process lasts and check to see if you can remain in the home during that time. You need to check to see if you can be evicted from the home during this timeframe. Foreclosure laws vary widely by state so be sure that you get current and correct information for your state from a reliable source.
Given that you would have to come up with a significant amount of money for this to work for you, it is not a very viable option for most people. You would be much better off to try working with your mortgage company before the foreclosure sale ever occurs.