Foreclosure is NOT the end

The Redemption Period starts the day of Sheriff Sale – Six (6) months is most common. If the amount claimed to be due on the mortgage at the date of foreclosure is less than 2/3 of the original indebtedness, the redemption period is 12 months. Farming property can be up to twelve (12) months.

The homeowner can live in the property, is not required to make payments, can sell or buy back property and should - *maintain the property - *maintain utilities - *maintain insurance. The homeowner must allow the purchaser to inspect the home and all structures during the redemption period. To redeem the property the borrower must pay the amount bid at the sheriff sale plus interest and fees.