what does it mean when a house have a one year redemption on it?

Asked by Connie1622, Georgiana, AL Mon Jan 25, 2010

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Bill Eckler, Agent, Venice, FL
Tue Jan 26, 2010
The redemption period is the amount of time the original owner of foreclosed property can reclaim their home by paying the debt and legal fee associated with it.
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Patrick Thies, Agent, Anytown, IL
Mon Jan 25, 2010
Some times in a foreclosure, the owner has a time frame that they can pay what is owed on the property to get the house back. This is referred to as the redemption period.
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