Right of Redemption

The Right of Redemption is a legal provision that allows homeowners facing foreclosure to reclaim their property by paying off their mortgage debt, including fees and interest, within a specified period after the foreclosure sale. This means that even after a lender has sold the property at auction, the homeowner may still have a chance to buy it back, as long as they can gather the necessary funds within the set timeframe. This right varies by state and is an important aspect of foreclosure law that can provide financial relief to struggling homeowners.