What does the right of redemption mean in real estate?
J. Lucky Henry answers this question in today's Real Estate Explained video.
The right of redemption explains a homeowner's right to reclaim their property after losing it in a foreclosure process. The time period for the right of redemption can vary by state, but even if the home has been put on and sold through auction, the homeowner has the option to try to recover it -- they would be responsible for the amount owed plus foreclosure costs.
There are any number of reasons a property owner would pursue this option, but nonetheless there is a pathway for property recovery.
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