Redemption Period

The redemption period is a timeframe after a property has been foreclosed, during which the original owner can reclaim their property by paying off the outstanding mortgage and any associated costs. This period varies by jurisdiction, often ranging from a few days to several months. During this time, the homeowner has the opportunity to resolve their financial issues and regain ownership, typically by paying the full amount owed. If they fail to do so, the property is permanently transferred to the new owner or lender. Understanding this period is crucial for homeowners facing foreclosure.