At any point after the notice of default (Step 2 from yesterdays blog) has been filed with the court the debtor may exercise their right of redemption. This enables the original buyer or related parties to stop the foreclosure proceeding by purchasing the property in full. The specific time frames and fees that can be included in the required right of redemption payment vary from state to state.
There are two type of redemption, equity of redemption and statutory redemption. Equity of redemption is available in all states from the time of the filing of the default until the property is sold at the foreclosure sale. Once the property is sold the equity of redemption right is Read more