OfflineIn foreclosure there are a lot of terms that are thrown around two of those terms are Equity of Redemption (often known as the curing period) and Redemption period. Here is what they mean and how they affect you.
Equity of Redemption (Curing Period) is the period of time that a person losing their home has to pay the back payments up or cure the loan. This period of time can go from the first time they are late all the way to the auction or may go from the first time they are late until one month before the auction. If someone misses the curing period they often need to pay the mortgage in full to stop the foreclosure.
Redemption Period happens after the auction of property. If a state has a redemption period the homeowner who has lost their home have a period of time after the auction in which to purchase the home back by paying the bid price and any applicable fees allowed within the state. As an investor we do not truly own the property until the redemption period has been forfeit.
- As a side note redemption rights are also purchased and sold. Investors can buy redemption rights and use the redemption rights to purchase the property instead of the previous home owner.
Here is a list of the states and how they deal with redemption periods. If the space is blank it means they have no redemption period. Again, keep in mind some of this information may have changed.
State; Redemption
Alabama; 12 Months
Alaska
Arizona
Arkansas
California
Colorado; 75 Days
Connecticut
Delaware
Dis. Of Col.
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana Indiana
Iowa; 6 Months
Kansas; 6-12 Months
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan; 6 Months
Minnesota; 6 Months
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey; 10 Days
New Mexico
New York
North Carolina
North Dakota; 60 Days
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota; 180 Days
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming; 3 Months
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
Great info, thanks coach! I will save this post in my word docs for quick reference.
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
I hadn't read this post before. I was just looking for this info today. Glad to have found your post.
Thanks for all the great info you give us.
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
Thanks, this information will come in handy.
Thankyou for the information,it's always a pleasure
to see what knowledge you share. Silverhound
Silverhound(WHAT BOX?)
http://portal.hud.gov/hudportal/HUD?src=/topics/avoiding_foreclosure/red...