Posted on: 23rd Sep, 2010 01:44 am
My house is in foreclosure. Looking at court papers, it shows a 6 month redemption period...whats this?
Hi bkimball,
Redemption period can be defined as the time period within which a borrower will be able to reclaim the title and possession of property by paying the mortgage as well as other late fees. The time period for redemption is granted to homeowner as per the state foreclosure laws. The borrower can live in the property for that time period and the lender will not evict him from the property.
Take care.
Redemption period can be defined as the time period within which a borrower will be able to reclaim the title and possession of property by paying the mortgage as well as other late fees. The time period for redemption is granted to homeowner as per the state foreclosure laws. The borrower can live in the property for that time period and the lender will not evict him from the property.
Take care.