Definition of "Redemption period"

Lori Lacey real estate agent
Lori Lacey, Real Estate Agent Lamacchia Realty, Inc.

time period, as established by state statute, during which a property owner can redeem a defaulted mortgage or land contract or reclaim a foreclosed property. A property owner acting during the redemption period must pay all defaulted payments and associated charges. For example, Brian acted within the stipulated three-month redemption period and paid all defaulted mortgage payments and late charges on his home thereby preventing a foreclosure proceeding.

 

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