What is a redemption period?

A redemption period is a period of time after a foreclosure auction during which the former homeowner can reclaim ownership of the property by "redeeming" the property. In California, the redemption period begins on the date of the foreclosure sale and lasts for 180 days. During the redemption period, homeowners can pay all of the money owed to the lender, including the principal loan amount, interest, and other fees. If the homeowner successfully redeems the property, the foreclosure action will be reversed and the homeowner can keep their home. If the homeowner fails to redeem the property within the 180 days, the new purchaser of the home will take full ownership of the property and the former owner will be evicted. The redemption period in California is meant to protect homeowners from being forced out of their home without a chance to make their payments current. This gives homeowners a period of time where they can try to arrange payments and resolve their debt, if possible, before they lose their home.

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