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what is the Statutory redemption time frame once the home is auctioned & the bank buys it back?

in the state of California?
  • Question refers to 4109 Oceana Ave, Waterford, MI 48328
  • June 11 2010
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Answers (6)

The period for redemption will vary on the sale raised during the foreclosure. It starts with 3 months and may go upto 12 months or more. The redemption period is valid as long as you continue to stay in the property.
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  • June 29 2010
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In California, post-sale redemption is applicable for judicial foreclosures and for nonjudicial foreclosure only if the foreclosure is by a homeowners association. The period for redemption is either 3 months or 12 months depending on the sale raised. If the sale raised is enough to pay the debt, then redemption period is 3 months. If not, the period is 12 months. Also the statutory period for redemption can be extended if  foreclosure is a result of a mistake or fraud.

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  • June 15 2010
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Just ran across this article and thought you might find it interesting: http://rismedia.com/2010-03-20/many-stay-at-home-for-free-as-banks-defer-evictions/
  • June 12 2010
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The state of California has some of the most liberal - and confusing laws regarding redemption periods. If the question is about a specific home (including your own) it makes sense to contact an attorney familiar with California property law. The basic information can be found at realtytrac.com but there are many variables under California law.
  • June 12 2010
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In Michigan, the redemption period is six months, provided the house is occupied. If you move out of the property, the redemption period can end immediately. The bank may evict you anytime after the redemption period, but not before,
  • June 12 2010
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Statutory Periods for Redemption

The statutory period for redemption varies by state. In California, post-sale redemption is only available for judicial foreclosures (except where there is a nonjudicial foreclosure by a homeowners association). The period for redemption is either 3 months or 12 months depending on whether the foreclosure sale proceeds are enough to pay off the secured debt. If the sale raises enough money, the redemption period is 3 months. If it doesn't, the period is 12 months.

In some states, such as California, the statutory period for redemption can be extended if you can show that the foreclosure was the result of mistake or fraud.

The Redemption Price

In order to redeem the house, the you must pay the "redemption price." This is generally the price paid by the purchaser at auction plus any taxes or assessments that are due, along with costs and interest.

In Texas the Right of Redemption applies to taxes sales or sheriffs sales or property association sales.

When foreclosed by a bank or mortgage company there is no right of redemption, none.

Good Luck!

James Callas - Realtor®


  • June 11 2010
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