What is a post-foreclosure redemption period?

A post-foreclosure redemption period is a set amount of time after a foreclosure auction when the former homeowner can still regain ownership of their home. In Virginia, this period is usually six months long, though with certain factors such as occupant status or bankruptcy, the period may be extended to twelve months. In order to redeem the property during this period, the former homeowner must pay the total amount of the foreclosure judgment, all post-sale costs, and the redemption fee all at once. If the former homeowner is unable to make the payment in full, they will not be able to redeem the home and will lose it to the winning bidder from the auction. Even if the homeowner does make the payment, there is no guarantee that the property will be returned to them. If the bidder at the foreclosure auction has already begun the process of obtaining title to the home, the homeowner may not regain ownership.

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