What is a redemption period?

A redemption period is a period of time after the foreclosure sale of a property when the homeowner can reclaim their property by paying the full amount of the debt owed plus interest, fees, and costs. In Florida, the redemption period is set at two years from the date of the foreclosure sale. The redemption period allows the homeowner to redeem the property, meaning they can pay the entire balance of their mortgage (plus interest, fees, and costs) to the lender and take back their home. The lender will also accept payment from any other person who wants to pay the homeowner’s debt and take over the property. The redemption period in Florida is very strict, meaning all payments must be made by the end of the two-year period. If the homeowner does not pay the entire balance due on the mortgage by the end of the redemption period, the homeowner will lose the property and the lender will gain full ownership. Because of the strict two-year redemption period, it is important for homeowners in Florida to know the terms of their mortgage and how the foreclosure process works. The sooner the homeowner can pay off the debt, the better chance they have of saving their home from foreclosure.

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What is a redemption period?

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