What Happens After Foreclosure? A Guide for Homeowners
If your state has a Redemption Period, you will be able to use the time to raise the money to buy back the home. You may also be able to stay in the home for the entire length of the Redemption Period without making any payments.
California - 1 year
A Redemption Period is a time after the house has been auctioned to the highest bidder that the homeowner has to buy it back for the auction price. The time varies by state. In some places, it is as little as 3 days. In other states, it is a full year.
Monday, March 9, 2009
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