Re: what is redemption?

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Posted by Jake on February 28, 2005 at 17:01:33:

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 period is a time allowed by a certain state
to give a person time to pay all the expenses plus designated fees to get the property back according to the state laws it is in. This gives a person time to aquire money from a third person in many states to get
their property back or sell it in some cases to a third person to save their equity. This is the way I understand it. Some states may not allow a person to sell to the third person but some do. Texas has a 2 year redemption period.

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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 period is a time allowed by a certain state
: to give a person time to pay all the expenses plus designated fees to get the property back according to the state laws it is in.  This gives a person time to aquire money from a third person in many states to get 
: their property back or sell it in some cases to a third person to save their equity.  This is the way I understand it.  Some states may not allow a person to sell to the third person but some do.  Texas has a 2 year redemption period.


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