What is a post-foreclosure redemption period?

A post-foreclosure redemption period is a period of time following a foreclosure sale in the state of Washington where a homeowner can still redeem their property by repaying what is owed on the property. During this redemption period, the homeowner has the chance to make up for past missed payments and keep the property. The length of the redemption period depends on the type of loan involved. If it is a purchase money loan, the redemption period is only one year. On the other hand, if the loan was not a purchase money loan, then the redemption period is two years. It is important to note that during the redemption period, homeowners are still allowed to remain on the property, but they cannot stop the foreclosure process or stop the sale of the home. In addition, interest continues to accrue during the redemption period and the homeowner is responsible for all costs associated with redeeming the property. In Washington, the redemption period begins when the deed of the foreclosure sale has been officially recorded. Homeowners then have the opportunity to redeem their property until the end of the redemption period. If the homeowner is unable to redeem the property, the rights of the homeowner in the property will be extinguished once the redemption period ends.

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What is a post-foreclosure redemption period?

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