In Florida, the redemption period after the foreclosure sale is a brief 10 days. The statutory redemption period is held in place to ensure that the foreclosed house is sold at a fair price to avoid a former owner buying back his property for a significantly lower price.
What states have a redemption period after foreclosure?
| State | Post-Sale Redemption Period |
|---|---|
| Alabama | Yes—one year; to preserve right, debtor must surrender possession within 10 days of written demand |
| Alaska | None for non-judicial power of sale foreclosure; one year for judgment debtors in judicial foreclosure (less common) |
What is the statutory period of redemption?
one year
The process, known as “statutory redemption,” allows mortgagors (homeowners) a limited amount of time, often one year, to reclaim (or redeem) the property if they are able to pay what the property sold for at the foreclosure sale.
What is a redemption period in real estate?
Redemption is a period after your home has already been sold at a foreclosure sale when you can still reclaim your home. You will need to pay the outstanding mortgage balance and all costs incurred during the foreclosure process. Many states have some type of redemption period.
What is the redemption period in California on a foreclosure?
Judicial foreclosures are rare in California. A judicial foreclosure allows the lender to get a deficiency judgment against the borrower. BUT the homeowner has the “right of redemption,” which allows him or her to buy the home back from the successful bidder at the auction for 1 year after the sale.
Can I sell my redemption rights?
Yes, within one year after foreclosure sale only if foreclosing lender is purchaser at such sale. Borrower must give written notice of intent to redeem at the sale or within ten days before the sale. Borrower must post a redemption bond within 20 days of the sale.
