Mortgage Redemption Period
A “Redemption” is a period after your home has already been sold at a foreclosure sale where you can still reclaim your home. As the former homeowner, you’ll need to pay the outstanding mortgage balance and all costs incurred during the foreclosure process. This can include legal fees, HOA fees etc.
Many states have some type of redemption period. Since each state is governed by their own laws the foreclosure process may vary from state to state. The redemption period and availability is often determined by whether the foreclosure process was judicial or non-judicial. Keep in mind that the timelines and procedures can vary greatly from state to state. You can find specific information about the redemption period of your state (if applicable) by reading the state laws on foreclosure.
Virginia Foreclosure Laws *
for more information about foreclosures visit HUD’s website
