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Laura, Home Buyer in 33952

What does "right of redemption" mean?

Asked by Laura, 33952 Tue Sep 8, 2009

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This question is about this property: http://www.trulia.com/property/1086243986-24910-Wolf-Bay-Ter…

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Hi Laura,
The Right of Redemption is the period of time allowed by law for the previous owners to reclaim or buy back their property. Once it has been foreclosed in the State of Alabama, on that day begins a one year period within which they can "buy back" their property. Additionally, any second mortgage holder or other party with a lien or judgement can redeem the property from the party that foreclosed. It can happen, but doesn't happen that often anymore. Contact an attorney to get a deeper and more detailed explanation.
I hope this helps. Please don't hesitate to ask if I can be of any further assistance.
Warm regards,
Dedra Lipscomb
0 votes Thank Flag Link Tue Sep 8, 2009
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