David Saks: Statutory Redemption : Not About Torquemada

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Statutory Redemption : Not About Torquemada

                                                    statutory

Nobody's forcing you to adhere to any religious principals or denomination here.

What we are faced with is the legal right to get your property back after the foreclosure sale.

This is what we call post-sale redemption, or the statutory right of redemption.

Following the foreclosure sale, the debtor, or former mortgagor, is given an additional amount of time to redeem or save their property.

What the debtor has to do in this case, in order to get the property back, is pay the person that purchased the property the full amount that they paid for the property at the foreclosure sale plus all of the accumulated interest that's added up since the time of the sale.

This is the legal right to redeem the property after the sale.

We call this right statutory because the right was established by state legislature in a legal statute.

The contrast to this is the equitable right of redemption which was created by the court system in order to adjudicate a measure of fairness and equality to the debtor which allows the debtor to redeem the property before the foreclosure sale.

Statutory redemption lengths vary, are sometimes based on factors such as whether or not the land is agricultural, whether or not the debtor has waived the right to a deficiency judgement (which we'll talk about later), varies from state to state, and may possibly be anywhere from six months to two years.

How do the laws work in your state regarding  statutory redemption?




David Saks



Time&Temp Memphis

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Comment balloon 0 commentsDavid Saks • May 18 2008 03:04PM

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