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Right of Redemption

Right of redemption is a statutory provision that provides a debtor an opportunity to reclaim their home after a foreclosure sale. In order for the debtor to do this, they must have the ability to pay the full amount of the debt. Most U.S. states allow reclamation of property. To learn more about right of redemption, take a look at the questions below that have been answered by Experts.

If a house has been sold under foreclosure what can an individual do or attorney do to get the house back and the redemption period has been over a week?

In a situation like this, your biggest issue will be overturning a foreclosure that has been completed. To attempt such a move would mean that you would be prepared to pay all fees and interest on top of the amount of the foreclosed property. You want to do a right of redemption which means you would need a sizable amount of money that you obviously didn't have when the foreclosure process began. There should be an itemized list of expenses that occurred during the redemption period. If you are unable to redeem, but you are in a position to resume payments, you will need an attorney to file a lawsuit to seek equitable relief. The grounds for the lawsuit would have to revolve around one or more of the following reasons; taxes, insurance, or the cost of securing the property.

I need a form to request redemption rights to property due to property taxes not being paid. I am one of four on the deed. If I pay the taxes I would like to separately own the property

You will need to do a number of things to get the ball rolling in your favor. First off, make sure to collect all records that pertain to the property and go to the tax office in the county where the property is located. You will need a lot and block number with the exact address. The tax assessor can pull the file for you. Find out if there was a foreclosure hearing on the property, if so, get the docket number. Once you get this information, you need to go to the tax collectors office. You will then need to discuss a payment arrangement and recording the deed. The tax collector can explain how the people who were on the deed will be notified of the upcoming changes. This is normal operating procedure and shouldn't take more than a few days if there are no issues.

What is the redemption period in Minneapolis, MN and will an individual be able to stay in the home during this period?

According to Minnesota's statutory right of redemption, you would have 6 months after the sale to pay the full amount of the loan plus any additional fees if the property has been foreclosed on. If the property sells for less than 2/3 of the principle amount of the original loan through foreclosure and there are more than 10 acres or more than 40 acres, the redemption period will be 12 months. However, if the property has been abandoned and the mortgage was originally finalized after December 31 of 1989, it may cut the redemption period to 5 weeks. You need to check with your state statutes and local laws to determine this time frame. In order to do this you need to file a list of expenses within 10 days of the end of redemption. Not doing so may result in losing the opportunity for redemption.

Can the right of redemption be assigned to another party?

The right of redemption generally applies to the person who has lost the home. However, the right can be assigned to another person if the lender allows the transfer. The lender is not bound by law to allow such a transfer, so without the permission of the lender, the reassignment cannot take place.

Many people find themselves involved in a foreclosure due to the inability to keep up with mortgage payments on their home. All hope isn't lost due to the right of redemption. The right of redemption allows the home owner an opportunity to re-buy the debt after a foreclosure to secure the home. If you are facing a similar situation, you should ask an Expert who can offer solutions to your individual situation.

Ask a Lawyer

Tina
Tina, Lawyer
Category: General
Satisfied Customers: 8603
Experience:  JD, BBA Over 25 years legal and business experience.
4460311
Type Your Legal Question Here...
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3 Lawyers are Online Now

How JustAnswer Works:

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Tina
Lawyer
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JD, BBA Over 25 years legal and business experience.
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25 years of experience helping people like you.

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