Right of redemption
The right of redemption, in the law of real property, is the right of a debtor whose real property has been foreclosed upon and sold to reclaim that property if they are able to come up with the money to repay the amount of the debt.[1] About half of all U.S. states have a statutory provision that allows such a reclamation of property.[2] In some cases this requires payment of the entire debt, in others the amount raised by the sale, fees and costs may also need paying.[2]
See also
[edit]References
[edit]- ^ "equity of redemption". Legal Information Institute. Retrieved 1 June 2024.
- ^ a b Loftsgordon, Amy. "If I Buy a Home in Foreclosure, Can Its Owners Later Get It Back ("Redeem" It)?". www.nolo.com. Retrieved 17 June 2024.
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