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LSDefine

Simple English definitions for legal terms

redemption period

Read a random definition: Title (property)

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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21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
soapy
8:48
UMN under review! As predicted, decisions are gonna come out early December
Minus those random R decisions from UMN yesterday though right? I wonder what happened there. I don’t think I’ve seen a school start the season out with anything but As on here
almost all of my apps have been UR for 6 weeks at this point I feel exhausted waiting for them to finish
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