The Redemption Period In Judicial Foreclosure Actions

Should your judge rule against you and order your property sold, you will have a specific period of time between the date of the official order and the sale date in which you can redeem your property by paying off the balance of the loan. The actual time you have to act is called the redemption period. The redemption time period can vary greatly between states.

The time range can be anywhere between two weeks to five months or longer depending on your jurisdiction. In this period of time you may have the legal right to get your property back. Redemption in most cases allows you to terminate the sale and legally redeem your property.

However redemption will only occur if you pay off your loan balance with a cashiers check before the day the sale occurs. It is not enough to just bring your payments current – that will not allow you to redeem your property. You must actually payoff the entire balance of the loan. A very unlikely scenario since it is usually the lack of money that caused you to be late in your payments in the first place.

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