What is a redemption period?

A redemption period is a time frame during which a borrower can "redeem" a foreclosed property after the sale has taken place in North Carolina. Redemption is the process of a borrower regaining ownership of a foreclosed property under certain conditions, but only after the sale has been finalized and the Deed of Trust or Mortgage has been extinguished. During the redemption period, a borrower can pay off the full amount of the foreclosure sale, that is, the outstanding debt plus costs and interest. In North Carolina, the redemption period lasts for six months from the date of the foreclosure sale. During this time frame, the borrower is given an opportunity to purchase the property back on the same terms and conditions as the foreclosure sale. If the borrower does not redeem the property during the redemption period, it is deemed to have been conveyed to the purchaser at the foreclosure sale, and the borrower may no longer be able to redeem it.

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