Can I Redeem My House After The Foreclosure?
Many people who lose their homes to foreclosure wonder if there is any way to redeem the house. The short answer is, “No, you cannot redeem your house after the foreclosure is complete.”
However, if the foreclosure is not final yet, you may get your house back. If you want to redeem your home before or after the foreclosure, consult with a Bradenton foreclosure defense attorney.
How to Redeem Your House in a Foreclosure?
While you cannot get your home back after the foreclosure, you may be able to redeem your house before or during the foreclosure proceedings. You can pay the entire amount owed to redeem the house before whichever comes later:
- The deadline stated in the foreclosure judgment; or
- The date when the Certificate of Sale is issued by the court.
The right to redeem your house in foreclosure is known as “the right of redemption,” according to Fla. Stat. § 45.0315. In order to foreclosure your house, the lender must file a lawsuit against you.
When the lender gets a foreclosure judgment against you, you will receive a copy of the judgment by mail. The judgment usually states that you have a right of redemption until the court issues the Certificate of Sale.
Once the Certificate of Sale has been issued or the deadline stated in the judgment has passed, you no longer have the opportunity to redeem your house after a foreclosure.
How Much Do I Need to Pay to Redeem My House?
As mentioned earlier, you can redeem your house in foreclosure by paying off the entire mortgage balance. The balance is stated in the foreclosure judgment. You will also have to pay attorney’s fees, the costs associated with the foreclosure lawsuit, as well as interest.
If the court has not issued a foreclosure judgment or order yet, you can redeem your house by paying the entire amount due and foreclosure costs. It is advisable to consult with a foreclosure defense attorney to determine how you can redeem your house in Florida.
What Else Can I Do to Save My Home from Foreclosure?
Redeeming your house is not the only thing you can do to save your home from foreclosure. Other options that may be available to keep the house include:
- Negotiating an alternative to foreclosure to keep the house and save it from foreclosure (some of the alternatives include a repayment plan, loan modification, refinance, and forbearance agreement, among others.
- Reviewing the terms of the mortgage contract or negotiating with the lender to catch up on the past-due amount in a lump sum payment.
If you were unable to pay the due amounts because of hardship (e.g., you lost your job), you might be eligible to negotiate an alternative to foreclosure, including a mortgage modification.
Speak with our foreclosure defense attorneys at Suncoast Civil Law to talk about your situation and explore alternatives to redemption to save your house from foreclosure. Call 941-366-1800 for a case evaluation.