Can I Reclaim My Home After Foreclosure?
Oftentimes, homeowners fail to pay their mortgage payments due to either a lack of income or unexpected, life-changing events such as job loss, major illness, or the death of a loved one. Such tragic misfortune can derail a life — leading to increased debt and possible eviction. If you find yourself ousted from your home due to missed mortgage payments that resulted in foreclosure, don’t lose hope. In many states, there is a legal process that allows you time to reclaim your home after foreclosure.
The Statutory Right of Redemption
Even after your home is sold at a foreclosure sale or auction, you can retain residence and regain ownership through a process called “statutory redemption.” Depending on where you live, statutory redemption allows staying in your home as long as you meet the rule’s requirements.
Right of Redemption States
While not all, many states have laws that give homeowners the right to redeem their mortgages after the foreclosure sale. For example, the state of Florida allows for a judicial method of foreclosure which gives homeowners the statutory right of redemption until the date specified in the foreclosure judgment or when the clerk of court files the foreclosure sale certificate.
Requirements for Redemption
Under statutory redemption, you have a limited amount of time — anywhere from 30 days to two years — to pay the foreclosure sale price of your home plus interest and other fees. The statutory redemption period begins when you make a written demand to the purchaser of your foreclosed home for an itemized statement of the amount required to reclaim your property, at which point the purchaser will have ten days to comply.
During statutory redemption, you make your payments to the purchaser. If you are unable to pay the redemption price during this time, then you forfeit your claim, and the purchaser will acquire the property’s title, rights, and interest. They can then enforce eviction or trespassing charges against you.
Foreclosure Protection
If your home is currently in the foreclosure process, or a foreclosure is forthcoming, there may be other legal options to help you avoid eviction. At BCN Law firm we have dedicated Lake County Florida foreclosure attorneys who have a successful track record in defending our clients’ rights, fighting for their properties, and putting an end to foreclosure proceedings. To retain a great foreclosure lawyer, contact the BCN Law firm.
