What is a redemption period?

A redemption period is a legal right that a homeowner has when their property is foreclosed upon in Massachusetts. During a redemption period, which is typically six months long, a homeowner can “redeem” their home by paying the full amount of the outstanding debt, plus any additional fees and costs incurred during the foreclosure process. If a homeowner is able to pay the full amount during the redemption period, they can redeem their home and retain ownership. If the homeowner is unable to redeem their home by the end of the redemption period, then the lender gains full rights to the property. The lender can then sell the property in order to regain the funds they lost due to the foreclosure. The homeowner will no longer have any legal rights to the property, and will not be able to redeem it after the redemption period has ended. However, the redemption period offers homeowners a unique opportunity to save their home from foreclosure. During the redemption period, they can seek financial assistance, negotiate with their lenders, or even attempt to refinance their mortgage in order to regain control of their home. It is important for homeowners facing foreclosure to familiarize themselves with the foreclosure laws in Massachusetts, as well as the rights and responsibilities they may have during their redemption period.

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