Redemption period

Redemption period

Some states allow the borrower the right to redeem her property after the sale during a redemption period in which she can pay the full amount owed, including the loan balance, late charges, legal fees incurred by the lender, and all of the costs of sale, and get title to the property back. The length of the redemption period varies from state to state. This period is also an opportunity to reach an agreement with the borrower for her deed. If successful, the purchaser then essentially obtains the borrower's redemption rights and has the right to redeem the property.

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