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Buying or selling a home.
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Regaining Ownership After Foreclosure: Statutory Redemption
Statutory redemption allows the mortgagor (the homeowner) to regain ownership of the property after foreclosure sale. About one-half the states have statutory redemption laws. Generally, these laws give anywhere from six months to a year for the mortgagor to redeem the mortgage by:
- Payment of the foreclosure sale price, and
- A statutory rate of interest to the sale purchaser.
FAQs
- What about if I file under Chapter 13-how can I keep my home then?
- I am going to declare bankruptcy. What are the chances I can keep my home?
- Under what circumstances would the trustee take our home?
- I am going to proceed under Chapter 7-what will happen to my house?
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Download more than 50,000 state-specific legal forms. Real estate documents, power of attorney forms, wills, employment contracts, divorce and separation agreements and much more.
Download more than 50,000 state-specific legal forms. Real estate documents, power of attorney forms, wills, employment contracts, divorce and separation agreements and much more.