Save Your Home Before the Legally-Guaranteed Redemption Period Expires After Foreclosure
In certain states, homeowners have an extra period of time after the foreclosure auction in which they can save their homes. During this time, known as a redemption period, the bank can not start the eviction process or demand payment or try and force the owners out of the property in any other way. But when the owners run out of time and the redemption expires, there may be very few solutions remaining to stop the eviction.
Most states that have a redemption period after a foreclosure auction give homeowners extra time to stay in a property after the sale. The house is foreclosed on, then sold at a public auction, and then the homeowners have time afterwards in order to find a method to stop foreclosure, pay off the redemption amount, get a new loan, sell, or just save up money and move on. The eviction will not start until after the redemption has expired.
Monday, March 9, 2009
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