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statutory right of redemption

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statutory right of redemption

A right given in some states for mortgage debtors to repurchase their property after foreclosure and before expiration of the allowed time period.The same rights are also sometimes given to spouses and other creditors of the debtor. In order to redeem, the former owner must pay the full bid price at the foreclosure,plus interest.Under some statutes,the right can be lost if the property owner does not vacate the foreclosed property within a certain time period after receiving notice from the purchaser.Rights of redemption may be bought and sold.



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Before buying Tampa foreclosures, it is important that you know about the statutory right of redemption.
States with statutory right of redemption have higher risks of bankruptcy; however, the coefficient is statistically insignificant.
 
 
 
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