redemption period

Английский Язык - Английский Язык

Определение redemption period в Английский Язык Английский Язык словарь: A period of time established by state laws during which the property owner has the right to redeem his or her real estate from a foreclosure or a tax sale by paying the sale price, interest and costs Many states do not have mortgage redemption laws; A period of time allowed by law during which a mortgagor may redeem his property by paying off the entire debt in arrears; This is the period of time that the homeowner has, according to the state law, to reaquire title to property lost through judicial foreclosure In Illinois, the redemption period ends 90 days after the Judgement of Foreclosure is entered into the Court record If the Court declares the property to be abandoned, the redemption period can be as short as 30 days In other states, the redemption period can extend beyond the foreclosure sale; the period during which a former owner can reclaim foreclosed property; The length of time during which the borrower may redeem a mortgage; A period established by state laws during which the property owner has the right to redeem his or her real estate from a foreclosure or tax sale by paying the sale price, interest and costs (Many states do not have mortgage-redemption laws ); The specified period in which a mortgagor can reclaim foreclosed property by making full payment of the mortgage debt, under a legally enforceable right of redemption in some states (Source: FNMA Selling Guide, Glossary); A period of time established by state law during which a property owner has a right to redeem real estate after a foreclosure or tax sale by paying the sales price, interest and costs Note that many states do not have such statutory redemption periods; The time period in a foreclosure in which a borrower in default cannot be divested of legal title or evicted and can exercise the right to redeem the property by paying the debt in full