What is a post-foreclosure redemption period?

A post-foreclosure redemption period is a window of time after a home has been foreclosed upon in the state of Oklahoma that gives the homeowner a chance to reclaim the home. During this period, the homeowner may still make payment to the lender in order to pay off all of the outstanding debt that is owed on the home. If the homeowner is able to make payment within the time frame of the post-foreclosure redemption period, usually a few months, then the homeowner is able to keep the home. However, if payment is not made during the post-foreclosure redemption period, then the home will be sold to a new buyer, and the homeowner will lose the home to foreclosure. In Oklahoma, the length of the post-foreclosure redemption period is governed by state law, and typically lasts for one to three months. It is important for homeowners to pay attention to the exact amount of time that their post-foreclosure redemption period lasts, since they must make payment within that period to keep their home.

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What is a post-foreclosure redemption period?

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