What is Right of Redemption?

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:

Pre-Foreclosure 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.

Post-Foreclosure 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.

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Service Area:

Mila Homes can help homeowners residing at the Johnson County area in particular the following cities.

Johnson County, Kansas

• De Soto
• Edgerton
• Gardner
• Leawood
• Lenexa
• Mission Hills
• Merriam
• Olathe
• Overland Park
• Prairie Village
• Roeland
• Shawnee
• Stillwell
• Spring Hills and Westwood