The Right of Redemption

Find out whether your state allows homeowners to redeem their mortgages and buy back their homes after foreclosure.

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The right of redemption is the right of a homeowner in foreclosure to “redeem” the mortgage and keep the house by paying a certain sum of money within a certain period of time. Depending on the laws of their state, homeowners in foreclosure may have two separate rights of redemption: a pre-foreclosure equitable right of redemption and a post-foreclosure statutory right of redemption.

The Equitable Right of Redemption

All homeowners, no matter what state they reside in, have the right to redeem their mortgages and save their homes from foreclosure by paying off the entire mortgage balance, plus fees and costs, prior to the foreclosure sale. Although most homeowners in foreclosure will find it difficult to come up with all the cash required to redeem in a lump sum, mortgages may also be redeemed by refinancing the mortgage debt or selling the home to a purchaser.

The Statutory Right of Redemption

About half of all states have laws that give homeowners the right to redeem their mortgages for a period of time after the foreclosure sale, typically by paying the foreclosure sale price, plus interest and other allowable fees, to the foreclosure sale purchaser. If a home sells at a foreclosure auction for a price far below its fair market value, the homeowner may be able to recoup the equity by redeeming the property for the foreclosure sale price, selling the home to a buyer for the fair market value, and keeping the difference.

State Laws Regarding the Right of Redemption

Each state has its own law governing a homeowner’s right of redemption. Find your state in the list below to find out whether you have the right to redeem your mortgage after the foreclosure sale and what restrictions may apply.

STATE

MOST COMMON METHOD OF FORECLOSURE

DO BORROWERS HAVE A STATUTORY RIGHT OF REDEMPTION AFTER FORECLOSURE?

Alabama

Nonjudicial

Yes, within one year after foreclosure sale. Right of redemption extinguished if borrower fails to turn over possession within ten days of buyer’s written demand for possession.

Alaska

Nonjudicial

Not after nonjudicial foreclosure unless the deed of trust specifically provides a right of redemption. If the lender pursues a judicial foreclosure, there is a 12-month redemption period after the sale is confirmed

Arizona

Nonjudicial

Not after nonjudicial foreclosure. Yes, within six months after a judicial foreclosure sale; if the property was abandoned, redemption period is 30 days.

Arkansas

Nonjudicial

Not after nonjudicial foreclosure. Yes, within one year after a judicial foreclosure sale, but not if the mortgage or deed of trust waives the right to redeem.

California

Nonjudicial

Not after nonjudicial foreclosure. Yes, after judicial foreclosure, but not if a deficiency judgment is waived or prohibited. Redemption period is three months after foreclosure sale if foreclosure sale price is equal to or greater than outstanding mortgage debt plus interest and costs; otherwise, redemption period is one year after foreclosure sale.

Colorado

Nonjudicial

No.

Connecticut

Judicial

Not after strict foreclosure, where the court transfers ownership of the foreclosed home directly to the foreclosing lender. (Law Day is the last date to redeem. Strict foreclosure is most commonly used in Connecticut). After a foreclosure by sale, the homeowner can redeem up until the court confirms the sale.

Delaware

Judicial

No. (Only up until the court confirms the sale.)

District of Columbia

Nonjudicial

No.

Florida

Judicial

Yes, until the court clerk files the certificate of foreclosure sale or the date specified in the foreclosure judgment, whichever date is later.

Georgia

Nonjudicial

No.

Hawaii

Judicial

No.

Idaho

Nonjudicial

No, not after a nonjudicial foreclosure. If the foreclosure is judicial, you can redeem within six months after the sale, if the property is 20 acres or less, or within one year after the sale, if the property has more than 20 acres.

Illinois

Judicial

Yes, within seven months after the foreclosure complaint or three months after final foreclosure judgment, whichever date is later, by paying amount of outstanding mortgage debt plus interest and costs (“Redemption Price”). If fair market value of property at time of foreclosure judgment is less than 90% of Redemption Price and lender waives right to deficiency judgment, borrower may redeem within 60 days after the foreclosure judgment date, or the expiration of any reinstatement period, whichever is later. If foreclosure sale purchaser was foreclosing lender and foreclosure sale price is less than Redemption Price, borrower may redeem within 30 days after confirmation of foreclosure sale by paying foreclosure sale price plus interest and costs.

Indiana

Judicial

Yes, after foreclosure judgment but before foreclosure sale by paying amount of judgment plus costs and interest. Not after foreclosure sale.

Iowa

Judicial

Yes, within one year after judicial foreclosure sale or six months after the sale, if agreed upon in the mortgage documents and the lender waives a deficiency. Not after alternative nonjudicial foreclosure.

Kansas

Judicial

Yes, within 12 months after foreclosure sale; court may shorten redemption period if property is abandoned. If less than one-third of mortgage was repaid, redemption period is three months; redemption period may be extended if borrower loses primary source of income after foreclosure sale. If outstanding mortgage debt is less than one-third of property’s fair market value, redemption period is twelve months.

Kentucky

Judicial

Yes, within one year after foreclosure sale only if the foreclosure sale price is less than two-thirds of the property’s fair market value.

Louisiana

Judicial

No.

Maine

Judicial

Yes, within 90 days after foreclosure judgment if mortgage was executed on or after October 1, 1975 and within a year if mortgage was executed before October 1, 1975. To redeem, borrower must pay amount of foreclosure judgment plus interest, fees, and costs.

Maryland

Nonjudicial

No. Not after the foreclosure sale is ratified by the court.

Massachusetts

Nonjudicial

Not after nonjudicial foreclosure. Yes, within three years after judicial foreclosure sale. If foreclosing lender gets deficiency judgment, borrower may bring suit for redemption within one year of deficiency judgment.

Michigan

Nonjudicial

Yes. For residential properties of four units or less, redemption period varies as follows: six months if mortgage executed on or after January 1, 1965 and outstanding mortgage debt is more than two-thirds of original mortgage debt; three months if property is abandoned and outstanding mortgage debt is less than or equal to two-thirds of original mortgage debt; one month if property is abandoned and outstanding mortgage debt is more than two-thirds of original mortgage debt; one year for all other residential properties of four units or less.

Minnesota

Nonjudicial

Yes, within six months or one year after foreclosure sale, depending on the circumstances. One month redemption period for abandoned properties.

Mississippi

Nonjudicial

No.

Missouri

Nonjudicial

Yes, within one year after foreclosure sale only if foreclosing lender is purchaser at such sale. Borrower must give written notice of intent to redeem at the sale or within ten days before the sale. Borrower must post a redemption bond within 20 days of the sale.

Montana

Nonjudicial

Not after nonjudicial foreclosure under the Small Tract Financing Act. Yes, within one year after judicial foreclosure sale.

Nebraska

Nonjudicial

No redemption period after nonjudicial foreclosures. Up until court confirms the sale, if foreclosure is judicial.

Nevada

Nonjudicial

No for nonjudicial foreclosures. One year if the foreclosure is judicial.

New Hampshire

Nonjudicial

No.

New Jersey

Judicial

Yes, during 10-day objection period after the sale and up until the court issues an order confirming the sale if objections are filed. Also if foreclosing lender gets deficiency judgment; redemption period is six months after deficiency judgment. To redeem, borrower must pay amount of foreclosure judgment plus interest, costs, and certain expenses.

New Mexico

Judicial

Yes. Borrower may redeem within 9 months, however this period may be reduced by the mortgage or deed of trust to no less than one month.

New York

Judicial

No.

North Carolina

Nonjudicial

Yes, within the ten-day "upset bid" period after foreclosure sale by paying outstanding mortgage debt plus costs.

North Dakota

Judicial

Yes, within 60 days after foreclosure sale. (If the property is agricultural, within one year after the foreclosing lender files the complaint and summons with the court, or 60 days after the sale, whichever is later.)

Ohio

Judicial

Until court confirmation of foreclosure sale by paying amount of foreclosure judgment plus costs and interest.

Oklahoma

Nonjudicial

Until completion of the sale. (In a judicial foreclosure, until court confirmation of foreclosure sale.)

Oregon

Nonjudicial

No, if the foreclosure was nonjudicial. If the foreclosure was judicial, you can redeem your home within 180 days after the foreclosure sale.

Pennsylvania

Judicial

No.

Rhode Island

Nonjudicial

If the foreclosure was nonjudicial, you don’t have the right to redeem your home after the foreclosure. If the foreclosure was judicial, you get three years to redeem after foreclosure sale by paying outstanding mortgage debt plus costs and interest.

South Carolina

Judicial

No. (While there is no post-sale right of redemption in South Carolina, under certain circumstances the homeowner could get the house back by making an “upset bid” after the foreclosure sale.)

South Dakota

Judicial (homeowner can request it)

Yes, generally one year or 180 days, if mortgage contains language that the 180-Day Redemption Mortgage Act governs. If property is abandoned, redemption period is 60 days.

Tennessee

Nonjudicial

Yes, within two years after foreclosure. Right of redemption may be waived in mortgage or deed of trust.

Texas

Nonjudicial

No.

Utah

Nonjudicial

Not after nonjudicial foreclosure. Yes, after judicial foreclosure (within 180 days after the sale).

Vermont

Judicial

Yes, within six months after court’s decree of strict foreclosure, where the court transfers ownership of the foreclosed home directly to the foreclosing lender, unless the court orders a shorter redemption period or you and the foreclosing lender mutually agree to a shorter period. In a foreclosure by judicial sale, the redemption period is six months from the date of the foreclosure decree, unless the court orders a shorter time.

Virginia

Nonjudicial

No.

Washington

Nonjudicial

Not after nonjudicial foreclosure or if the court determines that the homeowner has abandoned the home for six months or more. Yes, within eight months after judicial foreclosure sale if foreclosing lender waives right to deficiency judgment; if foreclosing lender fails to waive right to deficiency judgment, redemption period is one year.

West Virginia

Nonjudicial

No.

Wisconsin

Judicial

Yes, after foreclosure judgment but before foreclosure sale by paying amount of foreclosure judgment plus interest, taxes, and costs. (There is no post-sale right of redemption.)

Wyoming

Nonjudicial

Yes, within three months (or 12 months, if the property is agricultural) after foreclosure sale.

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