Redemption Period
Could someone please explain this Redemption thing in Virginia for a property that has been sold at foreclosure?
Could someone please explain this Redemption thing in Virginia for a property that has been sold at foreclosure?
Carl_66,
I'm not sure about Virginia, but I can explain the redemption period to you. The redemption period is a period of time after the foreclosure auction in which the homeowner can buy back their home within that set timeframe. The highest bidder usually has to wait for the redemption period is up before proceeding with the purchase of the property. I hope this helps.
Tanya
During the Redemption period, what is necessary to buy back the home? Is it the amount that was delinquent, which when paid, re-instates the loan?
It depends on the lender. Some lenders will allow you to work it out with them and they will reinstate it. But, most of the time you have to get a new loan to buy it back.
Tanya