What is a post-foreclosure redemption period?

A post-foreclosure redemption period is a period of time that homeowners in Massachusetts have to reclaim their property after it has been foreclosed on. This period begins once a foreclosure auction is complete and the property is sold. During this period, the original homeowners have the right to pay off all remaining debt on the property, along with other expenses that the foreclosure may have created. Once the payments are complete, the original homeowner may regain ownership of the property, and the foreclosure is voided. The length of the post-foreclosure redemption period in Massachusetts varies depending on the type of loan that was taken out on the property. Mortgages taken out prior to June 1, 2009, are often subject to a 12-month redemption period, while mortgages taken out after that date are subject to a six-month redemption period. It is important to note that the post-foreclosure redemption period does not stop the foreclosure process, and a foreclosure can still occur during this time. The original homeowner is still liable for the property’s debt, even during the redemption period, and the lender has the right to collect payment from the homeowner if it is not satisfied during this time. Additionally, the lender may seek to extend the redemption period if the debt is not paid off in time.

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What is a post-foreclosure redemption period?

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