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Simple English definitions for legal terms

redemption period

Read a random definition: felonious homicide

A quick definition of redemption period:

Redemption period: The time period given to someone who has not been able to pay their mortgage or taxes on a property, during which they can still get their property back by paying the outstanding debt or charges.

A more thorough explanation:

Definition: The redemption period is the amount of time given to a borrower who has defaulted on their mortgage or failed to pay property taxes to reclaim their property by paying off the outstanding debt or charges.

Example: Let's say that John has fallen behind on his mortgage payments and the bank has foreclosed on his home. In some states, John may have a redemption period of 6 months to a year to pay off the outstanding debt and reclaim his property. During this time, John can still live in the home, but he must pay the outstanding debt plus any additional fees.

Another example: Sarah owns a piece of land that she has not paid property taxes on for several years. The county government has placed a tax lien on the property and is planning to sell it at a tax sale. However, Sarah has a redemption period of 1 year to pay off the outstanding taxes and reclaim her property before it is sold to someone else.

These examples illustrate how the redemption period gives borrowers a second chance to reclaim their property by paying off the outstanding debt or charges. It is important to note that the length of the redemption period varies by state and type of property, so borrowers should consult with a legal professional to understand their rights and options.

redemptioner | redemption price

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13:23
saw that, crazy that she cant just hold the fucker in for a day longer
LMFAO
babycat
13:23
gulc going to hell I’m so serious
glovediedthisishismom
13:24
thats definetly horsey on an alt
glovediedthisishismom
13:24
no way any professor did that
13:25
thrifted a vintage burberry suit today and feeling unstoppable
Dkk
13:26
Nice
glovediedthisishismom
13:26
im in the field like a defensive lineman im always in saks 💯
1a2b3c4d26z
13:26
That's awesome
1a2b3c4d26z
13:26
real ones shop at bergdorf
13:28
real ones shop at YMH
triplethread
13:28
i missed another fordham wave
triplethread
13:28
mamas getting denied
JumpySubsequentDolphin
13:29
the bergdorf on 5th Ave in NYC is so
JumpySubsequentDolphin
13:29
it feels like home
Dkk
13:29
I'm at your mommas house rn: https://x.com/Mansavelli_/status/1648073454665572352
triplethread
13:29
im addicted to reacting to all of the decisions
triplethread
13:29
with the emojis
HopefullyInLawSchool
13:29
I shop at Joe
HopefullyInLawSchool
13:29
Joe's
glovediedthisishismom
13:30
i shop at tawget
glovediedthisishismom
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im dawk gawthic maga
triplethread
13:30
i shop at giant eagle
ForDizzyDJoy
13:31
How did i miss Fordham and American’s wave and I applied in september 🙃
13:33
Lol UC Davis took me of ED and put me in RD
13:34
surprised I didnt get straight denied
HopefullyInLawSchool
13:34
they emailed you/
HopefullyInLawSchool
13:34
?
13:35
@HopefullyInLawSchool: Yea, I just got it
i just want a cornell ii :(
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