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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The statutory right of redemption isn't exercised very often.
A way for buyers to get around the possibility that the owner will exercise their statutory right of redemption is to buy the redemption rights from the owner.
[E]very mortgagor has a statutory right of redemption, made part of every mortgage, which continues even after a post judgment foreclosure sale until issuance of a certificate of sale by the clerk of court conducting the sale.
In Pasco, the court allowed the appointment of a receiver when it was necessary to protect the mortgagee's rights, but in doing so, it was careful not to trample unnecessarily upon the mortgagor's statutory right of redemption, confining its discussion to the right of "possession." Another often-cited case, Carolina Portland Cement Co.
statutory right of redemption. Part III will discuss the effect of the
statutory right of redemption on income as it applies to taxation.
effect of the statutory right of redemption on property depreciation.
further and created a statutory right of redemption. (55) This right,
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.
Second, the laws in 29 states provide for a statutory right of redemption: a period of time subsequent to foreclosure (which varies by state with one year being the norm) during which the mortgagor can redeem the property by paying delinquent interest, penalties, and legal costs.
At the time of the study, Illinois had a judicial procedure and a one-year statutory right of redemption. Texas employed a non-judicial procedure and granted no 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.