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What is the statutory period of redemption?
one year
The process, known as “statutory redemption,” allows mortgagors (homeowners) a limited amount of time, often one year, to reclaim (or redeem) the property if they are able to pay what the property sold for at the foreclosure sale.
Who can exercise right of redemption?
mortgagor
The mortgagor can exercise the right before it is extinguished by the act of the parties or by the operation of law. The right can also be extinguished by a decree of the court. The mortgagor is not entitled to redeem before the mortgage money is due i.e. before the time fixed for the payment of mortgage money.
What happens when someone else pays my property tax?
If you don’t have this type of help, and your taxes become delinquent, the taxing authority may issue a tax lien on your home, or sell the home at auction. Depending on the laws in your state, an investor may come along and satisfy that lien in exchange for the property. Unpaid property taxes become a lien against the real estate.
What happens when you sell a property with a tax lien?
After a tax lien sale, you still own the home because the purchaser only buys a lien against your property. If you pay off the amount of the lien or the purchase price (depending on the situation), plus allowed costs, like interest, within a specified time period you get to keep the home.
Can a property be sold for past due taxes?
Like tax lien states, the original property owner receives ample notice of past due taxes and the intent to auction if the situation comes to that. In a tax deed sale, investors bid to purchase the property for the total cost of outstanding taxes and penalties due.
Can a property be sold if you are delinquent on taxes?
Not all states sell property when taxes are delinquent; however, some sell a lien certificate on the property instead. A property owner can retain ownership of his real estate by paying off the lien with interest and penalties, as long as the payoff happens within a specific period of time set by law.