What is a redemption period?

A redemption period is a time after a home is sold in foreclosure when the original homeowner has the opportunity to buy back the property. In Oklahoma, the redemption period is the period of time after a foreclosure, when the former owner of the property may reclaim the property from the new owner. During the redemption period, the former owner must pay the full payment due in order to reclaim the property. This is usually the amount paid to the court at the foreclosure sale, plus interest, along with any other fees or costs associated with the sale. The interest rate is set by the court and is normally equal to the post-judgment interest rate prescribed by the Oklahoma Supreme Court. During the redemption period, the new owner will not be able to collect rent or any other income from the property. The redemption period in Oklahoma is set at six months following the date of the foreclosure sale. This means that former owners of the property have six months to reclaim the property from the new owner. Once the redemption period has ended, the new owner begins to receive all the benefits of owning the property, including the ability to collect rent or other income from it.

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