What is a redemption period?

A redemption period is a part of foreclosure law in Arizona. It is the amount of time a homeowner has after a foreclosure sale to reclaim their property by paying off the amount due. In the state of Arizona, the redemption period is six months from the date of the foreclosure sale. The homeowner must pay the amount due, which includes payments missed during the foreclosure process as well as all legal fees and expenses incurred by the lender leading up to the foreclosure sale. The homeowner must also pay off the person who purchased their home at the foreclosure sale, as this person has the right to receive the full amount due. The right of redemption is a long-held concept in American law that gives homeowners a chance to save their property, although in practice, it is very difficult to do. A homeowner may have difficulty securing the amount due in the short amount of time available and may also have difficulty locating the purchaser of their home. It is important to note that the redemption period is slightly extended in specific circumstances, such as if the maturity date of a deed of trust or the due date of the note is after the foreclosure sale. If this happens, the redemption period is extended to 12 months, giving the homeowner more time to reclaim their property.

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What is a redemption period?

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