Foreclosure Redemption Period
69Who owns home during redemption period of foreclosure?
During the foreclosure redemption period the lender or loan holder sometimes referred to as the mortgage holder in some states owns the property with the borrower until it is sold in a foreclosure. In each state it can vary based on local restrictions. It is important to do your homework when entering into foreclosure if there is any hope of you being able to bring your note in full or partial up to date or paid off.
During the foreclosure redemption period it is important to keep in touch with the lender who holds the security to your property. They will have the best handle on exactly where you stand with the ability to regain your property.
Foreclosure Terms
Each state has its own specific foreclosure terms that will affect the foreclosure redemption period. You can check with HUD and other government and state organizations to find out what the specific terms for your property will be. Foreclosure Terms can also differ from residential to commercial property and from 1st and 2nd lien holders.
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Enjoyed your hub Brooke. Filled with timely information for many. The information and definition on your blog was also helpful. Keep bringing us great information from your many years of experience in the related businesses. All the best.
Yeah Brooke, your hub page is much informative. For homeowners in the dark about the foreclosure process, there is a little-known event that may affect their ability to save their homes from foreclosure. This is the issue of the redemption period, and is often overlooked by foreclosure victims who are receiving hourly calls from collectors and letters from foreclosure attorneys.
Amy Boyack 2 years ago
Great hub, Brooke. Foreclosure terms are important to understand right now. It's sad how many homes are being foreclosed on at this time. Thanks for the facts on foreclosure redemption period and who owns the home and what can be done.