statutory right of redemption

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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effect of the statutory right of redemption on property depreciation.
further and created a statutory right of redemption.
As the statutory right of redemption is used today, it requires the
This distinguishes the statutory right of redemption from equity of
purchaser could be allowed to use the statutory right of redemption to
is that the statutory right of redemption is considered a property
Data on loss rates incurred by PMIs over the period 1980-1986 reveal that a judicial foreclosure requirement and a statutory right of redemption add significantly to mortgage risk.
The existence of the statutory right of redemption has the additional effect of reducing the interest of potential buyers of the property at a foreclosure sale, lowering the liquidation price that the lender would otherwise receive.
In summary, because a judicial procedure and a statutory right of redemption lengthen the foreclosure process and delay the liquidation of the property, losses are greater in states which require the former and grant the latter.
At the time of the study, Illinois had a judicial procedure and a one-year statutory right of redemption.
the result is that claims paid by private mortgage insurers, I, will be greater states require a judicial procedure, provide for a statutory right of redemption, and prohibit deficiency judgments.
j] = dummy variable equal to one if a state has a statutory right of redemption and zero otherwise (alternatively, the length of the statutory right of redemption is included),