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What is my Right to Redemption?

The right of redemption is the right of the foreclosed homeowner to pay the lender the outstanding principal and interest due, plus the lender’s costs in foreclosure, or to buy back their property from the person who bought it at the foreclosure. The right of redemption depends on the state in which your property is located as not all states have a right of redemption. State laws determine the period of time either during the foreclosure process or following the sale of the property during which the foreclosed owner can exercise their right of redemption. The amount of money that is needed to purchase the property back also depends upon each state's laws. If a state allows a right of redemption, in applies to judicial and non-judicial foreclosures.

The right of redemption is an important factor to be aware of for both the investor and the foreclosed homeowner. As an investor there are two reasons to be familiar with the laws. For one, you need to know that when you purchase a foreclosed property, there is a chance the homeowner can redeem it. Also there maybe a way to buy the redemption right without purchasing the property. As a foreclosed homeowner it is your last opportunity to get your home back.