Answer

A Redemption Period is a time after the house has been auctioned to the highest bidder that the homeowner has to buy it back for the auction price. The time varies by state. In California that time is 1 year.

When the Redemption period has expired, what happens after foreclosure is that you will be forced from your home.

Sometimes, you can get the purchaser to give you "key money" to leave the premises quickly and to leave the property in good condition. In many cases, ex-homeowners destroy the property before they leave. The buyer knows it is worth their while to induce you to leave nicely.

If you do not leave, then the buyer can bring an eviction notice against you. When the occupant is a foreclosed homeowner, generally they only have 3 days after an eviction notice for you to leave.

In this case, you will have an eviction as well as a foreclosure on your record. This makes it extremely difficult to rent after you loose your home.

Expert:	Daniel Solutions
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Answered:	6/10/2009

Lawyer (JD)

Practing General Attorney, Professor and Lecturer of law for two decades