Re: what is redemption?

Posted by Don on February 27, 2005 at 19:39:15:

In Reply to: what is redemption? posted by Nancy on February 27, 2005 at 18:22:29:

: We might be losing our house soon due to foreclosure. We are trying every way we know to keep it, but in the event that we do lose it we need to be prepared. I keep reading about a "redemption period". What is that? We live in Texas. Thanks

Redemption means you have a certain period of time after foreclosure due to back taxes to pay up all taxes and expenses to get your property back from whoever bought it at a tax auction. Here is a bit from your state as it is written:

Texas Property Tax Code
2002 Edition

Title 1. Property Tax Code
Subtitle E. Collections and Delinquency
Chapter 34. Tax Sales and Redemption
Subchapter B. Redemption

Sec. 34.21. Right of Redemption.
Sec. 34.22. Evidence of Title to Redeem Real Property.
Sec. 34.23. Distribution of Redemption Proceeds.
Sec. 34.21. Right of Redemption.

(a) The owner of real property sold at a tax sale to a purchaser other than a taxing unit that was used as the residence homestead of the owner or that was land designated for agricultural use when the suit or the application for the warrant was filed may redeem the property on or before the second anniversary of the date on which the purchaser's deed is filed for record by paying the purchaser the amount the purchaser bid for the property, the amount of the deed recording fee, and the amount paid by the purchaser as taxes, penalties, interest, and costs on the property, plus a redemption premium of 25 percent of the aggregate total if the property is redeemed during the first year of the redemption period or 50 percent of the aggregate total if the property is redeemed during the second year of the redemption period.

(b) If property that was used as the owner's residence homestead or

Follow Ups:

Name    : 
E-Mail  : 
Subject : 

Comments:
: : We might be losing our house soon due to foreclosure.  We are trying every way we know to keep it, but in the event that we do lose it we need to be prepared.  I keep reading about a "redemption period".  What is that? We live in Texas.  Thanks

: Redemption means you have a certain period of time after foreclosure due to back taxes to pay up all taxes and expenses to get your property back from whoever bought it at a tax auction.  Here is a bit from your state as it is written:  

:   Texas Property Tax Code 
: 2002 Edition  

: Title 1. Property Tax Code 
: Subtitle E. Collections and Delinquency 
: Chapter 34. Tax Sales and Redemption 
: Subchapter B. Redemption 

: Sec. 34.21. Right of Redemption. 
: Sec. 34.22. Evidence of Title to Redeem Real Property. 
: Sec. 34.23. Distribution of Redemption Proceeds. 
: Sec. 34.21. Right of Redemption.

: (a) The owner of real property sold at a tax sale to a purchaser other than a taxing unit that was used as the residence homestead of the owner or that was land designated for agricultural use when the suit or the application for the warrant was filed may redeem the property on or before the second anniversary of the date on which the purchaser's deed is filed for record by paying the purchaser the amount the purchaser bid for the property, the amount of the deed recording fee, and the amount paid by the purchaser as taxes, penalties, interest, and costs on the property, plus a redemption premium of 25 percent of the aggregate total if the property is redeemed during the first year of the redemption period or 50 percent of the aggregate total if the property is redeemed during the second year of the redemption period. 

: (b) If property that was used as the owner's residence homestead or 



Optional Link URL : 
Link Title        :