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LSDefine

Simple English definitions for legal terms

redemption period

Read a random definition: Naturalization

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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18:49
thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
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