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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.
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